(Alliance News) - Shares in GreenRoc Mining PLC rose on Tuesday morning as it made its debut on the AIM market of the London Stock Exchange.
Shares in the miner with projects in Greenland were trading up slightly at 10.07 pence pence each from the initial admission price of 10p per share. At its current price, the firm has a market capitalisation of just over GBP11 million.
The company raised GBP5.1 million in cash for the company through the issue of 51.2 million new 10p shares in the float.
GreenRoc was established as a spin-off of Alba Mineral Resources PLC in March to acquire all of its Greenlandic mining assets, which are the Thule Black Sands ilmenite project, the Amitsoq graphite project, the Melville Bay iron project and the Inglefield multi-element project.
Shares in Alba fell 7.3% at 0.22 pence in London on Tuesday. The company will receive around GBP6 million in GreenRoc shares, representing a 54% stake.
"GreenRoc's debut on AIM comes at a time when demand for critical minerals is increasing significantly," commented GreenRoc Chief Executive Kirk Adams.
"With today's IPO, we are able to offer investors an opportunity to gain exposure to a diversified mix of high-grade commodities designated as critical minerals by the EU and the USA, in a jurisdiction which is both strategically located for multiple end-markets and which is supportive of sustainable resource development."
GreenRoc said it would use the proceeds from the float to fast-track exploration and develop its Greenlandic assets further.
By Will Paige; willpaige@alliancenews.com
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Alba Mineral Resources (ALBA)
Greenroc Mining (GROC)