- Title:
Schedule One - GreenRoc Mining Plc - Time:
08:00:03 - Date:
3 Sept 2021 - Category:
Capital structure - ID:
6639K
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ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES") |
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COMPANY NAME: |
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GreenRoc Mining plc
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) : |
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6th Floor 60 Gracechurch St London, EC3V 0HR United Kingdom
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COUNTRY OF INCORPORATION: |
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England and Wales (Company number: 13273964)
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26: |
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: |
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GreenRoc Mining Plc ("GreenRoc" or the "Company") was established in March 2021 as a UK public limited company for the purpose of acquiring all of the Greenlandic mining assets of Alba Mineral Resources plc ("Alba") and progressing the exploration and development of those assets. The assets in question are the Thule Black Sands Ilmenite Project, the Amitsoq Graphite Project, the Melville Bay Iron Project and the Inglefield Multi-Element Project (together the "Greenland Projects"). Greenland will be the main country of operation.
The Company plans to progress exploration and development activities in respect of the Greenland Projects with the aim of securing a mining licence and commencing commercial production at one or more of the projects within the earliest practicable timescale.
The Company proposes to enter into a share purchase agreement with Alba whereby it will agree, conditional, inter alia, on Admission, to acquire the three companies which together hold the four Greenland Projects as follows:
Amitsoq Graphite The Amitsoq Graphite Project is located in the Nanortalik region of southern Greenland, within Mineral Exploration Licence ("MEL") 2013/06. The licence holder is Obsidian Mining Limited (company number 08100690) ("Obsidian"), a UK private company which from Admission will be wholly owned by GreenRoc.
In successive field seasons at Amitsoq, Alba has confirmed the existence of two high-grade flake graphite deposits, one on Amitsoq island, which is the site of the former Amitsoq graphite mine, and the other at the Kalaaq mainland discovery. With average grades of 28.7% and 25.6% total graphite content respectively, these two deposits are among the highest-graded graphite projects in the world.
Independent test work has demonstrated that a saleable 97% graphite concentrate can be produced from Amitsoq graphite. Recently completed flotation and purification test work undertaken in Germany has also confirmed the suitability of Amitsoq graphite for most commercial applications, including importantly as the feed material for lithium-ion batteries, the fastest growing market for flake graphite globally.
Following the recently completed drilling programme at Amitsoq, the objective will be to define a maiden JORC-compliant Mineral Resource Estimate for Amitsoq, allowing the Company to move to commissioning a detailed economic assessment of the Project.
Thule Black Sands Ilmenite The Thule Black Sands Ilmenite Project ("Thule Black Sands" or "TBS") is a heavy mineral sands project located on the Steensby Land peninsular in north-west Greenland, within MEL 2017/29. The licence holder is White Eagle Resources Limited (company number 10762144) ("White Eagle"), a UK private company which from Admission will be wholly owned by GreenRoc.
The Geological Survey of Denmark and Greenland ("GEUS") has estimated that 10 billion tonnes of ilmenite exist in the original rock within the entire Dundas Formation, which is the source of all the ilmenite at TBS, with a further 7 billion tonnes of ilmenite present in the form of placer ilmenite.
An extensive surface drilling campaign undertaken by Alba at TBS has led to the declaration of a maiden inferred Mineral Resource Estimate of 19MT at 43.6% Total Heavy Minerals ("THM"), with an in-situ ilmenite grade of 8.9%.
Following the recently completed extension drilling programme at TBS, the objective will be to define a substantial increase to the Mineral Resource Estimate.
Melville Bay Iron The Melville Bay Iron Project is located in north-west Greenland, within MEL 2017/41. The licence holder is White Fox Resources Limited (company number 10818472) ("White Fox"), a UK private company which from Admission will be wholly owned by GreenRoc.
The Project is located within 200 km of seasonally ice-free coastline some 1,500 km north of Nuuk and 130 km south of the nearest major settlement of Qaanaaq. The Melville Bay Iron Project hosts haematite and magnetite styles of mineralisation across numerous targets. The significant body of work completed to date, including extensive resource drilling and metallurgical test work, has confirmed the presence of iron ore deposits at Melville Bay and the ability to produce a saleable high-grade, low-impurity iron ore concentrate. The Melville Bay Iron Project is split into three sub-areas being the Havik East Resource Area, the De Dødes West Area and the Haematite Nunatak Area.
The Havik East Resource Area of the Melville Bay Iron Project benefits from an existing JORC-compliant inferred Mineral Resource Estimate of 63 million tonnes at an average grade of 31.4% iron ore.
Inglefield Multi-Element The Inglefield Multi-Element Project is located in north-west Greenland, within MEL 2017/41. The licence holder is White Eagle.
Building on significant historical work by GEUS and previous exploration companies, White Eagle has confirmed the potential for the discovery of IOCG (iron ore-copper-gold) style deposits at Inglefield.
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares): |
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Number of ordinary shares of 0.1 pence each to be admitted - 111,200,001
Placing price - 10p
The shares carry one vote per share and the right to dividends.
All the Company's AIM securities will be freely transferable.
No ordinary shares will be held as treasury shares on Admission to AIM.
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CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: |
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Gross funds raised on admission: £5,120,000
Anticipated market capitalisation on Admission: £11,120,000
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: |
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73.25%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED: |
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None
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known): |
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George Frangeskides - Non-executive Chairman
Nigel Kirk Adams - Chief Executive Officer
James Edward Wynn (known as Jim) - Finance Director
Mark Anthony Austin - Non-executive Director
Lars Brünner - Non-executive Director
Mark Panayiotis Rachovides - Non-executive Director
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known): |
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*Motasem Almotazbellah Khashoggi is the ultimate beneficial owner of Kadupul Limited.
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: |
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None
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information) (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: |
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(i) 30 November
(ii) 31 May 2021
(iii) 31 May 2022, 31 August 2022, 31 May 2023
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EXPECTED ADMISSION DATE: |
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Mid-September 2021
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NAME AND ADDRESS OF NOMINATED ADVISER: |
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Cairn Financial Advisers LLP Cheyne House Crown Court 62-63 Cheapside London EC2V 6AX United Kingdom
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NAME AND ADDRESS OF BROKER: |
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Monecor (London) Limited, trading as ETX Capital 26 Finsbury Square London EC2A 1DS United Kingdom
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES: |
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From Admission, electronic copies of the Admission Document will be available from the Company's website www.greenrocmining.com, and will be available free of charge at the offices of Memery Crystal Limited at 165 Fleet Street, London EC4A 2DY and at the Company's registered office.
The Admission Document will contain full details about the applicant and the admission of its securities.
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THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY |
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QCA Corporate Governance Code
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DATE OF NOTIFICATION: |
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3 September 2021
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NEW/ UPDATE: |
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New
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Schedule One - GreenRoc Mining Plc08:00:033 Sept 2021Capital structure6639K