Business
Closing of Debt Financing
Closing of Debt Financing.
About this update from Amaroq Ltd.
[{"type":"text","content":"\n\n \n \n\n Closing of Debt Financing\n\nTORONTO, Canada, Sept. 01, 2023 (GLOBE NEWSWIRE) -- (“Amaroq” or the “Corporation” or the \"Company\") Closing of Debt Financing TORONTO, ONTARIO – September 1, 2023 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First North: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to announce the successful closing of its previously announced US$50.9 million senior secured package (see press releases dated March 28, 2023 and August 11, 2023), consisting of: (i) US$18.5 million senior debt term loans (\"Senior Debt Term Loans\") pursuant to revolving credit facilities provided by Landsbankinn hf. and Fossar Investment Bank (“Fossar”); (ii) A total of US$22.4 million convertible notes (the \"Convertible Notes\"), with US$16 million of Convertible Notes issued to ECAM LP, US$4 million of Convertible Notes issued to JLE Property Ltd. and US$2.4 million of Convertible Notes issued to Livermore Partners LLC (the \"Convertible Note Offering\"); and (iii) an overrun loan from JLE Property Ltd. of up to US$10 million under a revolving credit facility (the \"Overrun Loan\" and together with the Senior Debt Term Loans, the \"Facilities\"). Eldur Olafsson, CEO of Amaroq, commented: “I am pleased to announce the successful closing of our debt funding package. This marks a further milestone for Amaroq Minerals, enabling the transition to staged, full scale production at the Nalunaq gold project. I would like to extend my thanks to our investors and debt funding partners. We are working with a highly qualified team of professionals as we accelerate our progression to trial mining activities. We now look forward to commencing the next stage of operations at Nalunaq as we enter this new chapter.” The Convertible Notes will bear interest at a rate of 5% per annum and will mature on September 1, 2027, being the date that is four years from the Convertible Note Offering closing date. The principal amount of the Convertible Notes will be convertible, in whole or in part, at any time from one month after issuance into common shares of the Company (\"Common Shares\") at a conversion price of Cdn$0.90 (£0.525) per Common...