Greenland-focused GreenRoc Mining on Tuesday started trading on London’s Aim, offering investors exposure to a diversified mix of commodities designated as critical minerals by the EU and US.
The company has raised gross proceeds of £5.12-million through the issue of 51.2-million new ordinary shares at £0.1 each, implying a market capitalisation of £11.1-million on admission.
Supported the fundraising, GreenRoc would fast-track exploration, CEO Kirk Adams said on Tuesday.
“We have carefully planned 12-month work programmes spanning our two priority assets, the Amitsoq graphite and the Thule Black Sands ilmenite projects,” he said.
It is the company’s objective to have at least one, if not both Amitsoq and Thule Black Sands established as development projects within a year of admission.
Besides these assets, GreenRock also owns the Melville Bay iron project and the Inglefield multi-element project.
GreenRoc was established following Alba’s divestment of its Greenlandic mining assets. Alba is the majority shareholder of GreenRoc with a 54% stake.