Business
Placing to raise £461k
Placing to raise £461k.
About this update from Greenroc Strategic Materials Plc
[{"type":"text","content":"\n\nGreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining\n \n22 November 2023\nGreenRoc Mining plc\n(\"GreenRoc\" or the \"Company\")\n \nPlacing to raise £461k\n \nGreenRoc Mining Plc (AIM: GROC), a company focused on the development of critical mineral projects in Greenland, is pleased to announce that it has raised gross proceeds of £460,786 by way of a placing of 18,431,452 new ordinary shares of 0.1 pence each (the \"Placing Shares\") at a price of 2.5 pence per Placing Share (the \"Placing Price\") (the \"Placing\").\n \nThe net proceeds of the Placing will primarily be used to complete the feasibility study of a graphite anode processing plant and to undertake ongoing work towards the completion of Environmental and Social Impact Assessment studies for the Company's Amitsoq Project in Greenland. The net proceeds will also support further commercial negotiations with potential offtake and financial partners, and general working capital requirements.\n \nParticipants in the Placing include GreenRoc Chief Executive Officer Stefan Bernstein, Non-executive Chairman George Frangeskides and Independent Non-executive Director Mark Rachovides, who each subscribed for £5,000 of shares.\n \nGreenRoc's CEO, Stefan Bernstein, commented:\n\"It is hugely satisfying that we now have the funding in place to complete the full feasibility study of the graphite anode processing plant. It will provide us with a comprehensive business case and clear path to building both the pilot scale and full production plant. With this, and our own stream of high-quality feedstock from our Amitsoq graphite mine in Greenland, GreenRoc aims to become one of only a handful of upcoming vertically integrated graphite anode producers globally and a strategically important graphite anode supplier to the European electric vehicle battery market.\n \n\"I am also very pleased that this fundraise will allow us to complete the remaining parts of the Environmental and Social Impact Assessments which, I am convinced, will lead to our application for an exploitation permit at Amitsoq being positively received in 2024.\n \n\"I would like to thank our group of supportive investors who continue to show their confidence in what we are building together. We will work hard to greatly enhance the value of your investments.\"\n&...