GreenRoc Strategic Materials plc has raised £450,000 by way of a 7% discounted subscription from “an institution” to 18 million new ordinary shares at a price of 2.5p per share.
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For each two new ordinary shares issued the institution will receive one warrant valid for two years and each with an exercise price of 3.75p per ordinary share.
Following admission, the company’s total issued share capital will comprise 270,618,786 ordinary shares of 0.1 pence each, with voting rights.
GreenRoc does not hold any ordinary shares in treasury.
Proceeds will go towards collecting a large bulk sample of 10 to 12 tons of graphite ore from underground workings of the Amitsoq mine in southern Greenland.
Funds will also cover fees for the exploitation licence application submitted last Autumn, further baseline studies for the environmental impact assessment study, and general working capital.