Amaroq Minerals Ltd - Greenland-focused mine development company - Says that all the conditions for the release from escrow of the subscription and shareholders’ agreement with Nalunaq AS and GCAM LP have been satisfied or waived. Consequently, the subscription and agreement becomes effective. At completion, GCAM LP will subscribe for £18 million and will be issued with 490,000 shares in the new joint venture company Gardaq AS, representing 49% of the JV. Through the joint venture company, Amaroq will focus on exploring for significant strategic minerals deposits in the Sava Copper Belt, Stendalen, Paatusoq and Kobberminebugt.

Chief Executive Eldur Olafsson says: ‘I am delighted to confirm that all resolutions have been met and our strategic minerals joint venture transaction with GCAM has now closed, with approval from the Greenland government. This partnership is an exciting milestone for our strategic minerals venture, and we look forward to progressing our strategic mineral targets along with the exploration across our licence portfolio, with the aim of defining further non-precious strategic mineral assets.’

Current stock price: 43.00 pence

12-month change: up 3.6%

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