RE: 0.2p on its way!11 Jun 2025 18:14
As part of the Company’s strategy to expand its Greenlandic footprint and diversify its commodity exposure Amaroq today also announces the acquisition of the entire issued share capital of Black Angel Mining A/S (“Black Angel”) from FBC Mining (BA) Limited (“FBC Mining"), as well as the proposed acquisition of the Kangerluarsuk licences from 80 Mile plc (“80 Mile”) (together the “Strategic Acquisitions”), to create the West Greenland Hub. The Company has entered into a binding, conditional share sale and purchase agreement with FBC Mining, with a consideration of US$10 million, for the Black Angel acquisition; and a binding, conditional memorandum of understanding with 80 Mile and Disko Exploration Ltd, with an initial consideration of US$0.5 million and a potential deferred consideration of US$1.5 million (subject to the delineation of a mineral resource in the licence areas that could support the commencement of a formal Preliminary Economic Assessment, scoping study, or equivalent, which indicates the potential for economic extraction), for the acquisition of the Kangerluarsuk licences. The initial consideration for both Strategic Acquisitions and the potential deferred consideration (if any) will be satisfied by the issue of Amaroq shares at prices to be determined with reference to the market price of the Company's common shares prior to closing of each of the Strategic Acquisitions. Amaroq shares will be issued to satisfy the initial consideration and the deferred consideration, respectively, for the transaction with 80 Mile. Completion of each of the Strategic Acquisitions are subject to the satisfaction of certain customary conditions precedent (and, in the case of 80 Mile, the negotiation of definitive documentation), including the approval of the TSX Venture Exchange (the "TSX-V") and the approval of direct and indirect transfers of mineral exploration licences by the Government of Greenland. Upon completion of both Strategic Acquisitions, and combined with the existing portfolio of licences, Amaroq will become the largest mineral licence holder in Greenland, with a total licence area of 7,501.4km2. The acquisition of Black Angel is a related party transaction for the purposes of the AIM Rules and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"
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