GreenRoc Mining PLC on Wednesday said it has raised £460,786 from a placing of new shares, with proceeds going towards completing the feasibility study of a graphite anode processing plant.

The UK and Greenland-focused mineral explorer said 18.4 million new shares were placed at a price of 2.5 pence each. The stock was down 22% to 2.60p each in London on Wednesday afternoon, giving the company a £3.8 million market capitalisation.

GreenRoc said fresh cash will be used primarily to complete the feasibility study of a graphite anode processing plant and for ongoing work towards completing the environmental and social impact assessment studies for the its Amitsoq project in Greenland.

It expects its application for an exploration permit at Amitsoq to be positively received in 2024.

The money also will support further commercial negotiations with potential offtake and financial partners, GreenRoc said, alongside general working capital requirements.

‘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,’ said Chief Executive Officer Stefan Bernstein.

‘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.’

GreenRoc investor Alba Mineral Resources PLC noted the news. Following the placing, Alba owns 38% of GreenRoc shares.

Alba shares were down 2.9% to 0.083p each in London on Wednesday afternoon.

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