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Amitsoq MoU Signed, Placing to raise £550k
Amitsoq MoU Signed, Placing to raise £550k.
About this update from Greenroc Strategic Materials Plc
[{"type":"text","content":"\n \n \n GreenRoc Mining plc / EPIC: GROC / Market: AIM / Sector: Mining\n \n \n \n \n \n \n \n 6 March 2023\n \n \n \n GreenRoc Mining plc\n \n \n \n (\"GreenRoc\" or the \"Company\")\n \n \n \n \n \n \n \n \n Amitsoq MoU Signed with Norwegian Construction and Mining Group, LNS\n \n \n \n \n Placing to raise £550k\n \n \n \n \n \n \n \n \n GreenRoc Mining plc (AIM: GROC),\n a company focused on the development of critical mineral projects in Greenland,\n is delighted to announce that it has signed a Memorandum of Understanding (\"MoU\") with Leonhard Nilsen & Sønner A/S (\"LNS\"), a significant construction and mining group headquartered in Norway,\n in relation to the development of GreenRoc's Amitsoq Graphite Project in Greenland (\"Amitsoq\" or the \"Project\")\n .\n \n \n \n \n \n The Company is also pleased to announce that it has raised gross proceeds of £550,000 by way of a placing of 15,714,287 new ordinary shares of 0.1 pence each (the \"Placing Shares\") at a price of 3.5 pence per Placing Share (the \"Placing Price\") (the \"Placing\").\n \n \n \n \n \n The net proceeds of the Placing will be put towards further test work and studies for the advancement of the Amitsoq project in Greenland, including work on the scoping study; the processing of a 700kg bulk sample of graphite ore; electrochemical test work on Amitsoq HPSG (high purity spherical graphite); and ongoing work towards the completion of Environmental and Social Impact Assessments. The net proceeds will also support further commercial negotiations with potential offtake and financial partners, and general working capital requirements.\n \n \n \n \n \n \n LNS MOU: Key Points\n \n \n \n · \n The MoU provides a framework for LNS and GreenRoc to explore the commercial opportunities relating to Amitsoq, and the potential appointment of LNS as the civil, mining and/or logistics contractor for Amitsoq during the construction and operational phases.\n \n \n \n \n \n · \n LNS is a significant civil and mining contractor with decades of experience as a mine operator in Norway and Greenland, as well as in large-scale construction and infrastructure projects encompassing underground mine development and the development of tunnels, ports, roads and airports.\n \n \n \n \n \n · &nbs...