Amaroq Minerals Ltd. has successfully secured a new debt financing package valued at $35 million with Landsbankinn. The financing replaces the previously undrawn credit facilities, simplifying the debt structure and enhancing the company's liquidity and financial flexibility. The package includes a $28.5 million facility for Nalunaq development and general corporate purposes, as well as a $6.5 million facility for additional corporate needs. The facilities come with specific terms, including margin rates, arrangement fees, commitment fees, and an expected maturity date of October 1, 2026. The company anticipates finalizing the legally binding documentation and signing the definitive agreement with Landsbankinn by the end of the year, in coordination with current debt holders.
Amaroq Minerals' principal business objectives focus on the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The company's key asset is a 100% interest in the Nalunaq Gold mine, set to commence production towards the end of 2024. Additionally, the company holds a portfolio of gold and strategic metal assets in Southern Greenland, including advanced exploration projects at Stendalen and the Sava Copper Belt. Amaroq Minerals is wholly owned by Nalunaq A/S, incorporated under the Greenland Public Companies Act.
The 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") and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR"). The company's currently undrawn US$28.5 debt facilities will remain in place until the finalization of the agreement with Landsbankinn. For further information and company updates, individuals can follow Amaroq Minerals on X (formerly known as Twitter) and LinkedIn.