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(Alliance News) - GreenRoc Strategic Materials PLC on Monday said it has completed a placing and subscription to raise a total of GBP735,000.
The Greenland-focused critical mineral project developer issued 56.5 million shares at 1.3 pence each, which was around a 32% discount to the previous day's closing share price.
Shares in GreenRoc on Monday morning in London were down 17% at 1.58p. The stock has fallen 15% over the last year.
The fundraising comprised of a GBP500,000 placing from institutional investors, a GBP165,000 placing from existing shareholders, GBP50,000 from its largest shareholder, Alba Mineral Resources PLC, and GBP17,500 from company directors.
For every two new shares issued, investors involved in the fundraising received one warrant. The warrants have an exercise price of 2p per share and will expire two years from the date of the new shares being admitted to trading on the London Stock Exchange's AIM market.
"This fundraise allows us to move on with both the Amitsoq mine and our plans for the graphite anode materials plant," said Chief Executive Officer Stefan Bernstein.
"In addition to some technical advancements, we will also engage with a LCA consultant to help us document the savings in CO2 emissions associated with locating our AAM plant in the Nordic region.
"We will now work to exploit the various opportunities for public financing of parts of the work programme, building on the fact that the Amitsoq mine and the graphite anode materials plant have been granted formal 'Project' status by the intergovernmental mineral security partnership and we have applied to become a strategic project under the [European Union's] Critical Raw Materials Act.
"We will strive to establish a strong financial foundation for GreenRoc to develop its capacity to produce graphite anode material for the European Battery industry."
By Emily Parsons, Alliance News reporter
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