GreenRoc Mining PLC on Monday said it has signed a memorandum of understanding with Leonhard Nilsen & Sonner A/S for the development of its Amitsoq Graphite Project in Greenland.
The London-based company focused on the development of critical mineral projects in Greenland said the MoU will allow LNS, a Noway-based construction and mining company, and GreenRoc to explore commercial opportunities at Amitsoq. This includes the potential appointment of LNS as the civil, mining or logistics contractor for construction at the project, GreenRoc said.
Alba Mineral Resources PLC, which holds a 51% majority interest in GreenRoc, noted the announcement.
GreenRoc shares were down 15% trading at 3.67 pence per share at midday on Monday. Alba Mineral Resources shares were down 14% trading at 0.10p per share, also in London.
GreenRoc also said on Monday that it has raised £550,000 via a placing of 15.7 million new shares at 3.5 pence per share.
The firm said the proceeds of the placing will be used to funder test work and studies, to advance the Amitsoq project, as well as for negotiations with potential offtake and financial partners.
The test work will include the processing of a 700 kilogram bulk graphite ore sample, and work towards the completion of environmental and social impact assessments, GreenRoc said.
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