TIDMGROC
RNS Number : 3020U
GreenRoc Mining PLC
22 November 2023
GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector:
Mining
22 November 2023
GreenRoc Mining plc
("GreenRoc" or the "Company")
Placing to raise GBP461k
GreenRoc 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 GBP460,786 by way
of a placing of 18,431,452 new ordinary shares of 0.1 pence each
(the "Placing Shares") at a price of 2.5 pence per Placing Share
(the "Placing Price") (the "Placing").
The net proceeds of the Placing will primarily be used to
complete the feasibility study of a graphite anode processing plant
and to undertake ongoing work towards the completion of
Environmental and Social Impact Assessment studies for the
Company's Amitsoq Project in Greenland. The net proceeds will also
support further commercial negotiations with potential offtake and
financial partners, and general working capital requirements.
Participants in the Placing include GreenRoc Chief Executive
Officer Stefan Bernstein, Non-executive Chairman George
Frangeskides and Independent Non-executive Director Mark
Rachovides, who each subscribed for GBP5,000 of shares.
GreenRoc's CEO, Stefan Bernstein, commented:
"It is hugely satisfying that we now have the funding in place
to complete the full feasibility study of the graphite anode
processing plant. It will provide us with a comprehensive business
case and clear path to building both the pilot scale and full
production plant. With this, and our own stream of high-quality
feedstock from our Amitsoq graphite mine in Greenland, GreenRoc
aims to become one of only a handful of upcoming vertically
integrated graphite anode producers globally and a strategically
important graphite anode supplier to the European electric vehicle
battery market.
"I am also very pleased that this fundraise will allow us to
complete the remaining parts of the Environmental and Social Impact
Assessments which, I am convinced, will lead to our application for
an exploitation permit at Amitsoq being positively received in
2024.
"I would like to thank our group of supportive investors who
continue to show their confidence in what we are building together.
We will work hard to greatly enhance the value of your
investments."
Use of Proceeds
The proceeds of the Placing are primarily being used to complete
the feasibility study on a processing plant to produce active anode
material for electric vehicle batteries using Amitsoq graphite
concentrate as feedstock. The feasibility study is being undertaken
in conjunction with specialist subcontractors Benchmark Mineral
Intelligence, ProGraphite, SLR and Decision Risk Analytics, and is
supported by a GBP250,000 grant from the UK's Advanced Propulsion
Centre (see RNS Oct 9, 2023) towards the full costs of ca.
GBP410,000. The feasibility study is planned to be concluded in Q2
2024.
The Placing will also cover the estimated remaining costs to
complete the Environmental and Social Impact Assessments (EIA and
SIA, respectively), which will be delivered in 2024. A change in
Greenlandic law from 1 January 2024 allows for the granting of an
exploitation permit prior to the submission of the final EIA and
SIA, subject to the approval of the EIA and SIA by the Greenlandic
Mining Authority. As such, the Company plans to submit its
application for an exploitation permit in 2024.
Directors' Dealing
The table below provides details of the purchase of Ordinary
Shares by Directors of the Company under the Placing and their
resulting shareholding following the purchase. The PDMR form is set
out at the bottom of this announcement.
Director Ordinary Shares Number of Placing Value of Placing Ordinary Shares % of Enlarged
in which the Shares subscribed Shares subscribed in which the Share Capital
Placee is for for Placee is
interested prior interested
to the Placing following the
Placing
Georges
Frangeskides 200,001 200,000 GBP5,000 400,001 0.24%
------------------ ------------------ ------------------ ----------------- ------------------
Mark Rachovides 80,000 200,000 GBP5,000 280,000 0.17%
------------------ ------------------ ------------------ ----------------- ------------------
Stefan Bernstein 1,220,000 200,000 GBP5,000 1,420,000 0.86%
------------------ ------------------ ------------------ ----------------- ------------------
George Frangeskides', Mark Rachovides' and Stefan Bernstein's
subscription for Placing Shares (the "Subscription") constitutes a
related party transaction as defined by the AIM Rules. The
independent directors of the Company (being all directors of the
Company other than George Frangeskides, Mark Rachovides and Stefan
Bernstein) consider, having consulted with Cairn Financial Advisers
LLP, the Company's nominated adviser, that the terms of the
Subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
Warrants
As a commission fee for raising GBP86,900 of funding, the
Company has granted a total of 208,561 warrants with an exercise
price of 2.5 pence to G-Force Capital Ltd (the "Warrants"). The
Warrants are exercisable until 21 November 2025.
Share Placing: Admission to Trading on AIM and Total Voting
Rights
Application will be made for the Placing Shares, which will rank
pari passu with the existing ordinary shares of 0.1 pence each, to
be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective and that dealings will commence at
8:00 a.m. on or around 27 November2023.
Following the issue of the Placing Shares, the total issued
share capital of the Company will consist of 165,114,162 ordinary
shares of 0.1 pence each. The Company does not hold any ordinary
shares in Treasury, therefore the total current voting rights in
the Company following Admission will be 165,114,162. This figure
may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
**S**
For further information, please contact:
GreenRoc Mining plc
Stefan Bernstein, CEO +44 20 3950 0724
Cairn Financial Advisers LLP (Nomad)
James Caithie / Sandy Jamieson /
Louise O'Driscoll +44 20 7213 0880
-----------------
SP Angel (Broker)
Ewan Leggat, Charlie Bouverat +44 20 3470 0500
-----------------
St Brides Partners Ltd (Financial
PR & IR) Susie Geliher / Paul Dulieu
/ Isabelle Morris +44 20 7236 1177
-----------------
About GreenRoc
GreenRoc Mining plc is an AIM-quoted company which is developing
mining projects in Greenland in critical, high-demand and
high-value minerals.
Led by a group of highly experienced mining industry
professionals, GreenRoc has a portfolio of 100% owned projects all
of which have defined Resources:
-- Amitsoq Graphite Project , one of the highest-grade graphite
deposits in the world with a combined Measured, Indicated and
Inferred JORC Resource of 23.05 million tonnes (Mt) at an average
grade of 20.41% graphite, giving a total graphite content of 4.71
Mt;
-- Thule Black Sands Ilmenite Project ('TBS'), which has an
initial Mineral Resource of 19Mt at 43.6% Total Heavy Minerals with
an in-situ ilmenite grade of 8.9%; and
-- Melville Bay Iron Project , which has a Mineral Resource
Estimate of 67Mt at 31.4% iron and has been proven to be
processable to a high-grade, 70% concentrate with low
impurities.
About Amitsoq
Amitsoq is located in the Nanortalik region of southern
Greenland and has been confirmed as one of the highest-grade flake
graphite projects in the world. GreenRoc is focused on
fast-tracking the development of Amitsoq into a producing mine in
the shortest possible timeframe to meet critical demand from
Electric Vehicle ('EV') manufacturers in Europe and North America
for new, high grade and conflict-free sources of graphite.
Key points about Amitsoq:
-- Greenroc Mining plc holds the Amitsoq exclusive exploration
licence MEL2013_06 of a total of 72.52km2 in the South of
Greenland.
-- Amitsoq has a total inferred, indicated and measured JORC
Resource of 23.05 million tonnes (Mt) at an average grade of 20.41%
Graphitic Carbon ("C(g)"), giving a total graphite content of 4.71
Mt.
-- Results of the Preliminary Economic Assessment were released
on 31 October 2023 stating a post-tax NPV8 of US$179M at an IRR of
26.7%. Capex estimated at US$131M including a 25% contingency.
-- Several samples have been extracted for the purpose of
testing the quality of the Amitsoq graphite.
-- Independent micronisation and spheronisation test work has
proven that Amitsoq graphite can be easily upgraded to high-grade
anode-quality graphite, otherwise known as high purity spherical
graphite or cSPG, a key raw material in the manufacturing of
EVs.
-- In GreenRoc's test work programmes, Amitsoq spheronised
graphite has achieved higher than 99.95% purity with relatively
little energy input and processing and using the milder alkaline
purification method compared to the industry standard hydrofluoric
acid, boding well for future production costs and sustainability
commitments.
-- Significant further upside exists at Amitsoq as the Amitsoq
Island Deposit is open in at least two directions with potential
for considerable further expansion via the similarly high-grade
Kalaaq Mainland Deposit as well as a series of other high-grade
targets on GreenRoc's licence package.
-- The deposit was in small-scale production about 100 years
ago, and there remains considerable underground mine development in
place from that time, which will be of considerable benefit to
GreenRoc in the mine construction phase.
-- Following a detailed evaluation process, the European Raw
Materials Alliance has expressed its support of GreenRoc and its
Amitsoq graphite project, stating that "GreenRoc's graphite
resource is of global importance and, together with the Company's
strategy, will enable the European Union to achieve a certain level
of independence for the electrical vehicle supply chain. ERMA has
approved the Amitsoq Graphite project and will engage to support
its development and financing to produce these critical raw
materials for the benefit of the European Union goals." (see RNS
dated 8 February 2023).
-- On 9 October 2023, GreenRoc was awarded a grant of approximately GBP250,000 by the Automotive Transformation Fund in the UK to part-finance a feasibility study into the establishment of a graphite spheronisation processing plant in the UK to produce active anode material from graphite concentrate delivered from GreenRoc's Amitsoq Graphite Project.
PDMR Disclosures
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
---- -------------------------------------------------------------------------------------
a. Name Mr Stefan Bernstein
--------------------------------------------------------
2 Reason for notification
--------------------------- --------------------------------------------------------
a. Position/Status Director
--------------------------- --------------------------------------------------------
b. Initial notification/ Initial notification
Amendment
--------------------------- --------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a. Name GreenRoc Mining Plc
---------------------------
b. LEI
213800OAVF2KQAD11380
--------------------------- --------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-------------------------------------------------------------------------------------
a. Description of
the financial Ordinary shares of GBP0.001 each
instrument, type
of instrument
GB00BLD3C518
Identification
Code
--------------------------- --------------------------------------------------------
b. Nature of the Subscription for Ordinary shares of GBP0.001
transaction each
--------------------------- --------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
--------------------------- -------------
2.50 pence 200,000
---------------------------------------------------- -----------
d. Aggregated information
N/A
--------------------------- --------------------------------------------------------
e. Date of the transaction 21 November 2023
--------------------------- --------------------------------------------------------
f. Place of the transaction London, UK
--------------------------- --------------------------------------------------------
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
---- -------------------------------------------------------------------------------------
a. Name Mr George Frangeskides
--------------------------------------------------------
2 Reason for notification
--------------------------- --------------------------------------------------------
a. Position/Status Director
--------------------------- --------------------------------------------------------
b. Initial notification/ Initial notification
Amendment
--------------------------- --------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a. Name GreenRoc Mining Plc
---------------------------
b. LEI
213800OAVF2KQAD11380
--------------------------- --------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-------------------------------------------------------------------------------------
a. Description of
the financial Ordinary shares of GBP0.001 each
instrument, type
of instrument
GB00BLD3C518
Identification
Code
--------------------------- --------------------------------------------------------
b. Nature of the Subscription for Ordinary shares of GBP0.001
transaction each
--------------------------- --------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
--------------------------- -------------
2.50 pence 200,000
---------------------------------------------------- -----------
d. Aggregated information
N/A
--------------------------- --------------------------------------------------------
e. Date of the transaction 21 November 2023
--------------------------- --------------------------------------------------------
f. Place of the transaction London, UK
--------------------------- --------------------------------------------------------
Notification of a Transaction pursuant to Article 19(1) of
Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
---- -------------------------------------------------------------------------------------
a. Name Mr Mark Rachovides
--------------------------------------------------------
2 Reason for notification
--------------------------- --------------------------------------------------------
a. Position/Status Director
--------------------------- --------------------------------------------------------
b. Initial notification/ Initial notification
Amendment
--------------------------- --------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------
a. Name GreenRoc Mining Plc
---------------------------
b. LEI
213800OAVF2KQAD11380
--------------------------- --------------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-------------------------------------------------------------------------------------
a. Description of
the financial Ordinary shares of GBP0.001 each
instrument, type
of instrument
GB00BLD3C518
Identification
Code
--------------------------- --------------------------------------------------------
b. Nature of the Subscription for Ordinary shares of GBP0.001
transaction each
--------------------------- --------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
--------------------------- -------------
2.50 pence 200,000
---------------------------------------------------- -----------
d. Aggregated information
N/A
--------------------------- --------------------------------------------------------
e. Date of the transaction 21 November 2023
--------------------------- --------------------------------------------------------
f. Place of the transaction London, UK
--------------------------- --------------------------------------------------------
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END
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