15:20:46 EDT Thu 28 Mar 2024
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Amaroq Minerals Ltd
Symbol AMRQ
Shares Issued 177,358,737
Close 2022-10-25 C$ 0.53
Market Cap C$ 94,000,131
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Amaroq publishes company description for IDR listing

2022-10-26 11:07 ET - News Release

Mr. Eldur Olafsson reports

PUBLICATION OF COMPANY DESCRIPTION AND LISTING ON FIRST NORTH ICELAND

Amaroq Minerals Ltd. has published its company description in relation to a proposed listing of the company's Icelandic depositary receipts (IDRs) on the Nasdaq First North Growth Market in Iceland (First North Iceland).

Application has been made for the admission to trading of Amaroq's IDRs on First North Iceland under the symbol AMRQ. The ISIN number of the IDRs is IS0000034569.

A total of 53,734,633 IDRs will be admitted to trading, with each IDR having a nominal value of one Icelandic krona.

The first day of trading on First North Iceland is expected to be Nov. 1, 2022. Nasdaq Iceland hf. will publish a market notice, at the latest, one day prior to the intended first day of trading on First North Iceland.

The company description can be found on the company's website.

In addition, the company notes that it has made an application for the admission to the Alternative Investment Market of 260,000 common shares of no par value per common share, resulting from the historic exercise of options from non-PDMRs (persons discharging managerial responsibilities), and provides an update to the expected timetable for the admission of the fundraising shares as announced on Oct. 20, 2022.

Eldur Olafsson, chief executive officer of Amaroq, commented:

"We are honoured to be listing on First North Iceland. From Nov. 1 we will be able to offer our shares to a larger marketplace, in particular to Iceland, a growing economic market where the Greenland growth story is a well-followed current topic. Trading Amaroq IDRs on First North will offer Icelandic investors exposure to Amaroq's high-value precious and strategic energy transition minerals asset portfolio in South Greenland.

"The close co-operation between Greenland and Iceland paints a very strong growth picture. Both countries are harnessing their natural energy resources sustainably, demonstrating that self-reliance in energy is essential for economic growth and stability. The free trading agreements recently agreed between Iceland and Greenland are testimony to the goodwill of enterprise between the jurisdictions."

Nasdaq First North

The Nasdaq First North Growth Market is a registered SME growth market, in accordance with the Directive on Markets in Financial Instruments (EU 2014/65) as implemented in the national legislation of Denmark, Finland, Iceland and Sweden, operated by an exchange within the Nasdaq group. Issuers on Nasdaq First North Growth Market are not subject to all the same rules as issuers on a regulated main market, as defined in EU legislation (as implemented in national law). Instead, they are subject to a less extensive set of rules and regulations adjusted to small-growth companies. The risk in investing in an issuer on the Nasdaq First North Growth Market may therefore be higher than investing in an issuer on the main market. All issuers with shares admitted to trading on the Nasdaq First North Growth Market have a certified adviser who monitors that the rules are followed. The respective Nasdaq exchange approves the application for admission to trading.

Certified adviser

Arion Bank hf., registration No. 581008-0150, Borgartun 19, 105 Reykjavik, which is a member of and has an agreement with Nasdaq Iceland hf., is the certified adviser for the company in its application and listing process on First North Iceland. Arion Bank holds a full banking licence under the Act on Financial Undertakings, No. 161/2002, and is regulated by the Icelandic Financial Supervisory Authority. The company has chosen to be fully exchange-monitored after the Icelandic depositary receipts have been admitted to trading.

Option exercise admission and total voting rights

The company has made an application for the admission to the AIM of 260,000 common shares of no par value per common share, resulting from the historic exercise of options from non-PDMRs. It is expected that the option exercise admission will become effective at 8 a.m. BST on Oct. 28, 2022.

The company has total issued share capital of 177,358,737 common shares of no par value. Given the company does not hold any common shares in treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the company under the disclosure guidance and transparency rules.

Fundraising admission timetable:

  • AIM admission of common shares in relation to the Icelandic placing: 8 a.m. GMT on Oct. 31, 2022;
  • First North Iceland admission: 9:30 a.m. GMT on Nov. 1, 2022;
  • AIM admission of U.K. placing shares and Canadian subscription shares: 8 a.m. GMT on Nov. 2, 2022.

About Amaroq Minerals Ltd.

Amaroq Minerals' principal business objectives are the identification, acquisition, exploration and development of gold and strategic metal properties in Greenland. The company's principal asset is a 100-per-cent interest in the Nalunaq project, an advanced exploration-stage property with an exploitation licence including the previously operating Nalunaq gold mine. The corporation has a portfolio of gold and strategic metal assets covering 7,866.85 square kilometres, the largest mineral portfolio in Southern Greenland covering the two known gold belts in the region. Amaroq Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

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