Amaroq Minerals Ltd., an independent mine development company with gold and strategic mineral assets in Southern Greenland, has announced changes to its trading liquidity enhancement agreements. The company has engaged Fossar Investment Bank hf. and made changes to its existing arrangement with Landsbankinn hf. to provide market-making services for Amaroq's Icelandic depositary receipts (Depositary Receipts) listed on the Nasdaq Iceland.
Fossar Investment Bank will post buy and sell quotes in the trading system of Nasdaq Iceland, with each quote being a minimum of 50,000 shares at nominal value. The quotes must not deviate by more than 5% from the last trading price, and the spread of the quotes should be as close as possible to 1.5%. The market-making agreement with Fossar is open-ended and can be terminated by either party with a 14-day written notice. Fossar holds 375,664 common shares of Amaroq, representing approximately 0.14% of the issued and outstanding common shares.
Landsbankinn will submit bids and offers daily in the trading system of Nasdaq Iceland, with a minimum amount of ISK 5,000,000. The maximum net amount that the Market Maker is obliged to buy or sell each day is ISK 10,000,000 market value. The volume-weighted bid/ask spread of the Market Maker is determined by the 10-day share price volatility. The market-making agreement with Landsbankinn is open-ended and can be terminated by either party with a 7-day written notice. Landsbankinn does not hold any common shares in Amaroq.
Amaroq confirms that the market-making services provided by Fossar and Landsbankinn are limited to the Depositary Receipts listed on the Nasdaq Iceland. Any market-making activities in Canada will be conducted using a registered broker in compliance with relevant policies. The agreements with Fossar and Landsbankinn do not include any performance factors, and neither party will receive any common shares or options as compensation.
The market-making agreement between Amaroq and Arion Banki hf. for trading in Amaroq's Depositary Receipts on Nasdaq First North will not be renewed.
For further information, interested parties can contact Amaroq Minerals Ltd. or its corporate development team. The company's Nominated Adviser and Joint Broker is Stifel Nicolaus Europe Limited, and its Joint Broker is Panmure Gordon (UK) Limited. Enquiries can also be directed to Landsbankinn hf. and Fossar Investment Bank.