Business
Placing to raise £470k
Placing to raise £470k.
About this update from Greenroc Strategic Materials Plc
[{"type":"text","content":"\n\nGreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining\n \n2 August 2023\nGreenRoc Mining plc\n(\"GreenRoc\" or the \"Company\")\n \nPlacing to raise £470k\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 £470,000 by way of a placing of 12,368,422 new ordinary shares of 0.1 pence each (the \"Placing Shares\") at a price of 3.8 pence per Placing Share (the \"Placing Price\") (the \"Placing\").\n \nThe net proceeds of the Placing will be put towards finalisation of the preliminary economic assessment (PEA) of the Amitsoq project, laboratory preparation of different graphite product samples as requested by a potential offtaking company, ongoing work including field sampling in relation to the Environmental and Social Impact Assessment studies and test processing of Amitsoq graphite ore by new flotation cells developed by a consortium led by Danish multinational technology company FLSmidth & Co A/S (\"FLSmidth\"). The net proceeds will also support further commercial negotiations with potential offtake and financial partners, and general working capital requirements.\n \nGreenRoc's CEO, Stefan Bernstein, commented:\n\"I am very pleased about our successful raise of £470,000, which will allow us to finalise the PEA for publication in September, and further progress the work programme and planning for the development of the Amitsoq graphite deposit towards production.\n \n\"We are grateful for the participation in the placing of Alba Mineral Resources Plc and other existing shareholders of GreenRoc, which we take as a confirmation of the strength of their continuing belief in the fundamentals of GreenRoc and our world-class Amitsoq project.\n \n\"The raise was undertaken at 3.8p which is our current share price and I take that as yet another sign of strong support and belief in our Amitsoq project.\n \n\"I am also excited to supply a 200kg sample of Amitsoq graphite ore for test runs using FLSmidth's new REFLUXTM technologies. These REFLUXTM cells are newly developed and have shown to vastly improve recovery rates while reducing ore processing time, power and water consumption, capital and running costs and space needs for several differ...