GreenRoc Mining (GROC ), a Greenland-focused explorer, announced it has raised £315k at 4.5p/share to fast-track development of its flagship Amitsoq Graphite Project in Southern Greenland.
GreenRoc CEO Stefan Bernstein subscribed to £36k worth of shares, with a significant portion of the rest taken up by new investors. Additionally, GreenRoc is putting in place a broker option for up to £200K on the same terms as the placing with priority given to existing shareholders.
The proceeds from the top-up fundraise will be used to accelerate development of GreenRoc's flagship Amitsoq graphite project in Southern Greenland. This includes environmental and social impact assessment studies (EIA and SIA) as part of the licencing application process, further test work on a 700kg bulk ore sample, and marketing engagement.
Admission of the new shares is expected on 16 December 2022.
GreenRoc's CEO, Stefan Bernstein, commented: "As the world races to hit net zero energy targets and demand for electric vehicles rises, there is critical global demand for natural graphite of Amitsoq's quality and grade. We are accordingly focused on fast-tracking this world-class project into production and are delighted to have raised this top-up funding to maintain our highly active development strategy."
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Amitsoq is one of the highest grade graphite deposits in the world, with a maiden JORC resource of 8.28Mt ore at an average grade of 19.75% graphite.
It is anticipated that the maiden resource will be be significantly upgraded in the coming weeks, following GreenRoc's successful summer 2022 drilling campaign.
With the appointment of ProGraphite to complete test work on the aforementioned 700kg bulk sample and offer guidance on commercial aspects related to processing, sales, and marketing; and the appointments of UVR-FIA and GEUS to fast-track technical and mineralogical work, GreenRoc is well on schedule to complete its scoping study and EIA/SIA in 2023 and commence production shortly thereafter. Today's fundraise will help ensure a timely execution of these workstreams.
GreenRoc’s technical work to date has confirmed that Amitsoq graphite can be upgraded to a more than 99.95% pure graphite product, which is the specification requirement for EV batteries. With critical global demand for graphite, Amitsoq's vast deposit is set to play a key role in the transition to net zero.
Alba Mineral Resources holds a 54% majority interest in GreenRoc.
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