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Iceland recently opened. Trading similarly.
TORONTO, ONTARIO - January 29, 2024 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development corporation with a substantial land package of gold and strategic mineral assets across in Southern Greenland, is pleased to announce a significant new Ni-Cu discovery at its Stendalen Project.
https://www.londonstockexchange.com/news-article/AMRQ/significant-nickel-copper-discovery-at-stendalen/16354156
And more cash coming this year from gold sales
I mean it's just a class outfit, but I am looking at the mcap and thinking...hmm...but then we've so much cash
Https://buff.ly/3US1uQ3
A great summary of where Amaroq have been and what are their immediate plans in an interview with the CEO who has to be one of the best CEOs around in mining.
Various. For the record. Change in % due to fundraise.
https://www.lse.co.uk/rns/AMRQ/holdings-in-company-aezvwke5fey0o0x.html
Trading at a all time high today in Iceland with great volumes
Got there on the UT. Canada buying at 79p.
Last cash raise, and director £2m buying, barring accidents, probably put a bottom under it.
Ask was raised to 77p, with no apparent takers. Iceland buying ahead of our equivalent price at current rates.Just a snapshot.
Canada buying 76.4, Iceland 77 at todays rate.
Https://twitter.com/Share_Talk/status/1757799180855103872
Today we spoke with Edward Wyvill, Corp. Development commented on the successful completion of its significantly oversubscribed proposed Fundraising as announced on 12th Feb 2024. Greenland is home to vast, untapped deposits of valuable minerals with high-grade extension of Target Block confirmed at Nalunaq
https://www.share-talk.com/edward-wyvill-amaroq-minerals-aim-tsx-v-nasdaq-iceland-amrq-talking-to-zak-mir/
Bit on that. Amaroq about 4mins 10secs.
https://www.share-talk.com/traders-cafe-with-zak-mir-bulletin-board-heroes-wednesday-14th-february-2024/
Catching Ona little. 77p equivalent paid in Iceland.
NASDAQ September 2023 registration document:
https://wp-aexgold-2020.s3.eu-west-2.amazonaws.com/media/2023/09/2023-09-12-Registration-document-FINAL.pdf
The Nalunaq deposit is high-grade and has previously demonstrated a low all-in sustaining cost, making it a high margin asset. All-in sustaining cost estimates range between US$725/oz to US$910/oz. The Company has a current Inferred Mineral Resource of 320,000 oz. (355,000 tonnes at 28.0 g/t Au), covering the old mine area and into a number of extension areas, and a further potential of between 200,000 oz to 2.0 Moz. of near-mine Exploration Targets (2.5 to 10 million tonnes at 2.4 to 6.0 g/t Au).
Eldur Olafsson, CEO of Amaroq, commented:
“I would like to thank all participating shareholders for their strong support shown in this financing. We were particularly pleased to note strong demand from the Scandinavian pension funds. The funds raised will enable us to accelerate mining at Nalunaq, whilst continuing to invest in our exploration portfolio in both gold and strategic minerals across South Greenland.
We now have great confidence in delivering on our objectives at the Nalunaq Mine and in enhancing our potential to deliver value for shareholders and local communities within Greenland, and I look forward to providing an update on specific timings for the Nalunaq project later this year.”
£44m raised.
https://www.londonstockexchange.com/news-article/AMRQ/results-of-fundraising/16329398
Negative thoughts?. I only ever have positive thoughts until I lose money:). But joking aside I agree, a director stumping up that kind of cash must be feeling very positive about the prospects. No pun intended.
One might expect it to attract some attention from commentators. The market reaction is pretty flat today.
My Guess is that David Neuhauser is the director that will add
We by-passed it this morning.
‘The Director ( of Amaroq )has committed to subscribe for approximately £2.0 million (equivalent to C$3.4 million or ISK 343 million) in the Fundraising.’
It’s a lot of money. I take the view that dispels any reasonable doubt about foreseen progress, and any negative thoughts about dilution.
In case of oversubscription of the Fundraising, the Company may increase the offer size with the use of additional proceeds to be focused on further exploration at Vagar and Nanoq and a capital injection into its Gardaq joint venture.’
Bearing in mind what has also been said, there seems a distinct possibility of more than £30m being raised at the price. We’ll find out when they finish.
‘As announced on 11 February, the Company has already received indications of interest from investors in excess of £30.0 million at the Placing Price.’
I think AMRQ are pretty well funded, but yes if you're presented with an opp to raise more funds (esp not at some horrendous disc) then you take it, you never know when you won't be able to raise.
I also think AMRQ will not squander the funds, they'll be deployed to move the value proposition forward in the company.
@Culpepper. "As a punt on a miner, doesn’t seem a bad one."
Agreed that's why I have a few shares. Did buy in the mistaken belief their probably would not be a placing (for a good while at least) but here we are. My error of judgement.
To me, they are well-funded at this stage and apparently won’t be carrying debt into first production at it seems, good recovery rates. As a punt on a miner, doesn’t seem a bad one. And there’s the strategic minerals prospectively on top.
@PaulFG. I would not call that cynical but even if it was its pretty much impossible to be too cynical with AIM. It seems that a company (especially a mining company) is never 'fully funded', there is always the possibility for a bit more money to be spent 'optimizing projects'. The reception to all this seems pretty favorable so I guess there is a lot of faith in the company from larger investors. Being something of a cynic myself I still see this as something of a dilution although not presently a damaging one!.