Heads of Terms agreed for US$35 million Revolving Credit Facility

Amaroq Minerals ” or the “ Company ”)Heads of Terms agreed for US$35 million Revolving Credit Facility New agreement replaces undrawn US$18.5 million facilityfor construction activitiesTORONTO, ONTARIO – 2 July 2024 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to announce that it has agreed heads of terms, subject to final...

Toronto, 02/07/2024 (informazione.it - comunicati stampa - industria)

Amaroq Minerals ” or the “ Company ”)

Heads of Terms agreed for US$35 million Revolving Credit Facility

New agreement replaces undrawn US$18.5 million facility for construction activities

TORONTO, ONTARIO – 2 July 2024 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to announce that it has agreed heads of terms, subject to final documentation, with Landsbankinn for US$35 million in three Revolving Credit Facilities (the "Facilities"), securing a substantial increase and extension to its current debt facilities.

Eldur Olafsson, Amaroq CEO, commented:

“We are very pleased to have successfully arranged a substantial increase and extension of our currently undrawn debt financing package with Landsbankinn. In addition to simplifying the structure of our debt package under one single agreement at more favourable rates, the new Facilities strengthen our liquidity and provide us with further financial flexibility for years to come.

“With a long-term debt agreement now secured for general purposes, we are committed to maintaining a strong capital management plan as we progress the development of our cornerstone Nalunaq project in South Greenland towards First Gold this year.”

Highlights

Enquiries:

Amaroq Minerals Ltd.  
Eldur Olafsson, Executive Director and CEO
eo@amaroqminerals.com 

Eddie Wyvill, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker)
Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600 

Panmure Liberum (UK) Limited (Joint Broker)
Hugh Rich
Dougie Mcleod
Scott Mathieson
Kieron Hodgson
+44 (0) 20 7886 2500

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980 

For Company updates:
Follow @Amaroq_minerals on X (Formerly known as Twitter)
Follow Amaroq Minerals Inc. on LinkedIn

Further Information:  

About Amaroq Minerals  

Amaroq Minerals' principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company's principal asset is a 100% interest in the past producing Nalunaq Gold mine which is due to go into production towards the end of 2024. The Company has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inside Information

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

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