Closing of Fundraising and Admission

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Reykjav ík,Dec 17, 2024 (WORLD WIRE SERVICE)– THIS NEWS AND THE INFO HAD HEREIN IS RESTRICTED AND IS EXCEPT LAUNCH, MAGAZINE OR CIRCULATION, DIRECTLY OR INDIRECTLY, IN ENTIRE OR PARTLY, IN OR RIGHT INTO THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER TERRITORY IN WHICH IT WOULD BE UNLAWFUL TO PERFORM SO. PLEASE SEE THE CRUCIAL NOTIFICATIONS AREA WITHIN THIS NEWS.

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THIS NEWS IS FOR INFO PURPOSES ONLY, AND DOES NOT CONSTITUTE OR KIND COMPONENT OF ANY DEAL OR INVITE TO OFFER OR CONCERN, OR ANY SOLICITATION OF AN DEAL TO ACQUISITION OR SUBSCRIBE FOR, ANY STOCKS OF AMAROQ MINERALS LTD.

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THIS NEWS CONSISTS OF DETAILS AS STATED UNDER THE MARKETPLACE MISUSE POLICY NO 596/2014, WHICH BELONGS TO ICELANDIC LEGISLATION BECAUSE OF THE ACT NO 60/2021 ON MEASURES AGAINST MARKET MISUSE AND ASSIMILATED POLICY NO 596/ 2014 AS IT CREATES COMPONENT OF THE LEGISLATION OF THE UK BECAUSE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON MAGAZINE OF THIS NEWS VIA A REGULATORY INFO SOLUTION, THIS INFO IS CONSIDERED TO BE IN THE GENERAL PUBLIC DOMAIN NAME.

Amaroq Minerals Ltd

(“Amaroq” or the “Company”)

Closing of Fundraising and Admission

TORONTO, ONTARIO– 17 December 2024– Amaroq Minerals Ltd (GOAL, TSX-V, NASDAQ Iceland: AMRQ), an independent mining business with a considerable land plan of gold and calculated mineral properties in Southern Greenland, today introduces better to its news on 3 and 4 December 2024, the closing of its fundraising according to which it increased gross profits of roughly ₤ 27.5 million (C$ 49.0 million, ISK 4.8 billion) with a placement of 9,150,927 typical shares of the Company according to the UK Placing, 20,100,648 typical shares of the Company according to the Icelandic Placing, and 2,783,089 typical shares of the Company according to the Canadian Subscription, which have actually been provided and will certainly be confessed to trading on goal, Nasdaq Iceland’s primary market, and the TSX-V. An overall of 32,034,664 brand-new typical shares have actually been put as component of the Fundraising.

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Following admission, Amaroq’s complete provided share resources will certainly contain 397,694,407 typical shares of no par worth. Given the Company does not hold any type of typical shares in Treasury, this number might be made use of by investors as the common denominator for the estimations whereby they will certainly figure out if they are needed to alert their rate of interest in, or an adjustment in rate of interest in, the share resources of the Company under the Disclosure Guidance and Transparency Rules and the Icelandic Act No 20/2021 on Disclosure Obligations of Issuers and Notifications on Major Holdings.

The Fundraising Shares will certainly undergo legal resale (hold) limitations for a duration of 4 months and someday in Canada under the relevant Canadian protections legislations, which will certainly run out on 18 April 2025. Such limitations will not put on any type of Fundraising Shares gotten beyond Canada.

Net follows the Fundraising will certainly be made use of to enhance the Company’s functioning resources placement whilst Nalunaq is in appointing stage and increase development possibilities within the Company’s profile of properties in Greenland inGreenland More particularly, the web profits from the Fundraising will certainly be to money better source exploration at Nalunaq to increase source and give mining adaptability, more expedition boring at Nanoq to specify source possibility and the growth chance, financial investments in mining devices, various other centers and environment-friendly power manufacturing to better optimize procedures in Nalunaq, and improvement of the Company’s calculated profile, along with JV companions with more target expedition, and to give extra functioning resources.

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Amaroq supervisor, Eldur Olafsson, has actually taken part in the Canadian Subscription, getting an overall of 582,690 brand-new typical shares standing for gross profits of roughly ₤ 0.50 million (C$ 0.89 million, ISK 88.2 million) using Vatnar hf. Following Admission, Eldur Olafsson will certainly want an overall of 10,084,863 typical shares in the resources of the Company, standing for roughly 2.5 percent. of the Company’s bigger provided share resources.

Amaroq supervisor, Sigurbjorn Thorkelsson, has actually likewise taken part in the Canadian Subscription, getting an overall of 1,165,382 brand-new typical shares standing for gross profits of roughly ₤ 1.00 million (C$ 1.78 million, ISK 176.4 million) using Klettar fjarfestingar ehf. Following Admission, Sigurbjorn Thorkelsson will certainly want an overall of 12,037,640 typical shares in the resources of the Company, standing for roughly 3.0 percent. of the Company’s bigger provided share resources.

Amaroq supervisor, David Neuhauser, has actually likewise taken part in the Canadian Subscription, getting an overall of 116,538 brand-new typical shares standing for gross profits of roughly ₤ 0.10 million (C$ 0.18 million, ISK 17.6 million) using Livermore Strategic Opportunities LP. Following Admission, David Neuhauser will certainly want an overall of 14,738,462 typical shares in the resources of the Company, standing for roughly 3.7 percent. of the Company’s bigger provided share resources.

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As such, the Canadian Subscriptions will certainly comprise a “related party transaction” within the definition of Multilateral Instrument 61-101– Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and within the definition of Policy 5.9 of the TSX-V policies.

Related event deals call for the Company to acquire an official evaluation and minority investor authorization unless exceptions from these demands are readily available under relevant Canadian protections legislations. With regard to the Canadian Subscription, the Company is relying upon the exception from the official evaluation demands and minority authorization demands in areas 5.5( a) and 5.7( 1 )( a), specifically, of MI 61-101, as the reasonable market price of the protections dispersed to, and the factor to consider obtained from, interested celebrations does not surpass 25% of the Company’s market capitalization. The Company did not submit a product modification record a minimum of 21 days before the closing of the Canadian Subscription as involvement of the experts had actually not been validated back then and the Company wants to shut on a sped up basis for organization factors.

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Panmure Liberum worked as chosen advisor, joint bookrunner and joint broker, along with Canaccord, that likewise worked as joint bookrunner and joint broker on the UKPlacing Landsbankinn, Acro and Fossar worked as joint bookrunners on the Icelandic Placing and Landsbankinn worked as expert. In factor to consider for their solutions, Panmure Liberum, Canaccord, Landsbankinn, Acro and Fossar obtained a money payment equivalent to C$ 1,857,555.23, including (i) an overall of C$ 274,003.23 (₤ 154,098.88) to Panmure Liberum and Canaccord standing for a 4.0% base payment, 1.0% optional payment and a 0.25% negotiation payment for the UK positioning, consisting of a business financing charge of C$ 124,467.00 (₤ 70,000.00) payable to Panmure Liberum and (ii) an overall of C$ 1,049,841.00 to Landsbankinn, Acro and Fossar, standing for an overall of 3.4% payment for the Icelandic Placing, along with a C$ 533,711.00 underwriting charge payable to Landsbankinn.

The Fundraising undergoes last approval of the TSX-V.

Capitalised terms not or else specified in the message of this news have actually the significances given up the Company’s Fundraising news dated 3 December 2024.

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Enquiries:

Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CHIEF EXECUTIVE OFFICER
eo@amaroqminerals.com

Eddie Wyvill, Corporate Development
+44 (0 )7713 126727
ew@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser, Joint Bookrunner and Corporate Broker)
Scott Mathieson
Nikhil Varghese
Kieron Hodgson
Josh Moss
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Joint Bookrunner and Corporate Broker)
James Asensio
Harry Rees
George Grainger
+44 (0) 20 7523 8000

Landsbankinn hf. (Joint Bookrunner and Underwriter)
Bj örn Hákonarson
Sigur ður Kári Tryggvason
+354 410 4000

Acro verðbréf hf. (Joint Bookrunner)
Hannes Árdal
Þorbjörn Atli Sveinsson
+354 532 8000

Fossar Investment Bank hf. (Joint Bookrunner)
Steingr ímur Arnar Finnsson
Krist ín Alexandra Gísladóttir
+354 522 4000

Camarco (Financial PUBLIC RELATIONS)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

CRUCIAL NOTIFICATIONS

This Announcement does not comprise, or create component of, a program connecting to the Company, neither does it comprise or include an invite or deal to anybody, or any type of public deal, to subscribe for, acquisition or otherwise obtain any type of shares in the Company or suggest individuals to do so in any type of territory, neither will it, or any type of component of it create the basis of or be counted on about any type of agreement or as an incentive to participate in any type of agreement or dedication with the Company.

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This Announcement is not for magazine or circulation, straight or indirectly, in or right into the United States of America, Australia, The Republic of South Africa (“South Africa”), Japan or any type of various other territory in which such launch, magazine or circulation would certainly be illegal. This Announcement is for details functions just and does not comprise a deal to market or release, or a solicitation of a deal to acquire, subscribe for or otherwise obtain any type of protections in the United States (including its regions and belongings, any type of state of the United States and the District of Columbia (jointly, the “United States”)), Iceland, Australia, Canada, South Africa, Japan or any type of various other territory in which such deal or solicitation would certainly be illegal or to anybody to whom it is illegal to make such deal or solicitation.

The protections described here have actually not been and will certainly not be signed up under the united state Securities Act of 1933, as changed (the “Securities Act”), and might not be used or marketed in the United States, other than according to a suitable exception from the enrollment demands of the Securities Act and in conformity with any type of relevant protections legislations of any type of state or various other territory of the United States, or under the protections legislations of Iceland, Australia, Canada, South Africa, Japan, or any type of state, district or area thereof or any type of various other territory outside the United Kingdom, other than according to a suitable exception from the enrollment demands and in conformity with any type of relevant protections legislations of any type of state, district or various other territory of Iceland, Australia, Canada, South Africa or Japan (probably). No public offering of protections is being made in the United States, Iceland, Australia, Canada, South Africa, Japan or in other places.

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No activity has actually been taken by the Company, Panmure Liberum, Canaccord, Landsbankinn, Acro, Fossar or any one of their particular associates, or any one of its or their particular supervisors, police officers, companions, workers, specialists, consultants and/or representatives (jointly, “Representatives”) that would certainly allow a deal of the Fundraising Shares or belongings or circulation of this Announcement or any type of various other attention product connecting to such Fundraising Shares in any type of territory where activity for that objective is needed. Persons obtaining this Announcement are needed to educate themselves around and to observe any type of limitations included in thisAnnouncement Persons (consisting of, without restriction, candidates and trustees) that have a legal or various other lawful responsibility to onward a duplicate of this Announcement need to look for ideal guidance prior to taking any type of activity. Persons dispersing any type of component of this Announcement needs to please themselves that it is authorized to do so.

This Announcement, as it associates with the UK Placing, is guided at and is just being dispersed to: (a) if in a participant state of the EEA, individuals that are certified financiers (“EEA Qualified Investors”), being individuals dropping within the definition of Article 2( e) of Regulation (EU) 2017/1129 (the “EU Prospectus Regulation”); or (b) if in the United Kingdom, individuals that are certified financiers (“UK Qualified Investors”), being individuals dropping within the definition of Article 2( e) of absorbed Regulation (EU) 2017/1129 as it develops component of the legislation of the United Kingdom because of the European Union (Withdrawal) Act 2018, as changed (the “UK Prospectus Regulation”), and that are (i) individuals dropping within the meaning of “investment professional” in Article 19( 5) of the Financial Services And Markets Act 2000 (Financial Promotion) Order 2005, as changed (the “Order”) or (ii) individuals that drop within Article 49( 2 )( a) to (d) (high total assets firms, unincorporated organizations, and so on) of the Order, or (c) individuals to whom it might or else be legally connected (all such individuals described in (a), (b) and (c) with each other being described as “Relevant Persons”).

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The Fundraising Shares have actually not been gotten approved for circulation by syllabus in Canada and might not be used or marketed in Canada other than in dependence on exceptions from the demands to give the appropriate buyer with a program and, consequently of getting protections according to this exception or exceptions, particular securities, civil liberties and treatments given by the relevant Canadian protections legislations will certainly not be readily available to the appropriate buyer. The Fundraising Shares will certainly undergo legal resale (hold) limitations for a duration of 4 months and someday in Canada under the relevant Canadian protections legislations and any type of resale of the Common Shares should be made according to such resale limitations or in dependence on a readily available exception as a result. Such limitations will not put on any type of Fundraising Shares gotten beyond Canada.

For the focus of locals of Australia: This Announcement is not a program or item disclosure declaration or otherwise a disclosure record for the functions of Chapter 6D or Part 7.9 of the Australian Corporations Act 2001 (Cth) (“Corporations Act”) and does not comprise a deal, or an invite to buy or subscribe for the Fundraising Shares used by this Announcement other than to the level that such a deal or invite would certainly be allowed under Chapter 6D or Part 7.9 of the Corporations Act without the requirement for a trapped syllabus or item disclosure declaration. In enhancement, for a duration of twelve month from the day of problem of the Fundraising Shares, no transfer of any type of rate of interest in the Fundraising Shares might be made to anybody in Australia other than to “sophisticated investors” or “professional investors” within the definition of areas 708( 8) and (11) of the Corporations Act or otherwise according to area 707( 3) of the Corporations Act.

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No various other individual need to act upon or count on this Announcement as it associates with the UK Placing and individuals dispersing this Announcement should please themselves that it is authorized to do so. By approving the regards to this Announcement, you stand for and concur that you are aRelevant Person This Announcement should not be acted upon or count on by individuals that are notRelevant Persons Any financial investment or financial investment task to which this Announcement or the Fundraising connects is readily available just to Relevant Persons and will certainly be taken part in just with Relevant Persons.

No offering record or syllabus will certainly be provided in any type of territory about the issues included or described in this Announcement or the UK Placing or the Fundraising, unless relevant in regard to admission to trading in Iceland and no such syllabus is needed (according to either the EU Prospectus Regulation for the objective of the deal or sale of the Common Shares, the UK Prospectus Regulation or Canadian protections legislations) to be released. The offering as it associates with the Icelandic Placing undergoes the exceptions from the responsibility to release a program attended to in Articles 1( 4 )( a) and 1( 4 )( b) of the EU Prospectus Regulation.

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Panmure Liberum, which is authorized and controlled by the Financial Conduct Authority in the United Kingdom is acting solely for the Company and for nobody else about the UK Placing and will certainly not pertain to any type of various other individual (whether a recipient of this Announcement) as a customer in regard to the UK Placing and will certainly not be accountable to anybody apart from the Company about the UK Placing or for giving the securities paid for to their customers or for offering guidance in regard to the UK Placing, the Fundraising or any type of various other issue described in thisAnnouncement The duties of Panmure Liberum, as chosen advisor, are owed exclusively to the London Stock Exchange and are not owed to the Company or to any type of supervisor or any type of various other individual and appropriately no obligation of treatment is approved in regard to them. No depiction or service warranty, reveal or indicated, is made by Panmure Liberum regarding, and no responsibility whatsoever is approved by Panmure Liberum in regard of, any one of the materials of this Announcement (without restricting the legal civil liberties of anybody to whom this Announcement is provided).

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Canaccord, which is authorized and controlled by the Financial Conduct Authority in the United Kingdom is acting solely for the Company and for nobody else about the UK Placing and will certainly not pertain to any type of various other individual (whether a recipient of this Announcement) as a customer in regard to the UK Placing and will certainly not be accountable to anybody apart from the Company about the UK Placing or for giving the securities paid for to their customers or for offering guidance in regard to the UK Placing, the Fundraising or any type of various other issue described in this Announcement.

Acro, which is authorized and controlled by the Financial Supervisory Authority of the Central Bank of Iceland, is acting solely for the Company and for nobody else about the Icelandic Placing and will certainly not pertain to any type of various other individual (whether a recipient of this Announcement) as a customer in regard to the Icelandic Placing and will certainly not be accountable to anybody apart from the Company about the Icelandic Placing or for giving the securities paid for to their customers or for offering guidance in regard to the Icelandic Placing, the Fundraising or any type of various other issue described in thisAnnouncement Some Icelandic Placees might nonetheless be clients of Acro.

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Fossar, which is authorized and controlled by the Financial Supervisory Authority of the Central Bank of Iceland, is acting solely for the Company and for nobody else about the Icelandic Placing and will certainly not pertain to any type of various other individual (whether a recipient of this Announcement) as a customer in regard to the Icelandic Placing and will certainly not be accountable to anybody apart from the Company about the Icelandic Placing or for giving the securities paid for to their customers or for offering guidance in regard to the Icelandic Placing, the Fundraising or any type of various other issue described in thisAnnouncement Some Icelandic Placees might nonetheless be clients of Fossar.

Landsbankinn, which is authorized and controlled by the Financial Supervisory Authority of the Central Bank of Iceland, is acting solely for the Company and for nobody else about the Icelandic Placing and will certainly not pertain to any type of various other individual (whether a recipient of this Announcement) as a customer in regard to the Icelandic Placing and will certainly not be accountable to anybody apart from the Company about the Icelandic Placing or for giving the securities paid for to their customers or for offering guidance in regard to the Icelandic Placing, the Fundraising or any type of various other issue described in thisAnnouncement Some Icelandic Placees might nonetheless be clients of Landsbankinn.

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This Announcement is being provided by and is the single obligation of theCompany No depiction or service warranty, reveal or indicated, is or will certainly be made regarding, or in regard to, and no obligation or responsibility is or will certainly be approved by or in support of Panmure Liberum, Canaccord, Landsbankinn, Acro and/or Fossar (aside from when it comes to Panmure Liberum and Canaccord the duties or obligations that might be enforced by the Financial Services and Markets Act 2000, as changed (“FSMA”) or the regulative routine developed thereunder) and/or by any one of their particular associates and/or any one of their particular Representatives regarding, or in regard to, the precision, competence, justness or efficiency of this Announcement or any type of various other composed or dental details provided to or openly readily available to any type of interested event or their particular consultants or any type of various other declaration made or supposed to be made by or in support of Panmure Liberum, Canaccord, Landsbankinn, Acro and/or Fossar and/or any one of their particular associates and/or by any one of their particular Representatives about the Company, the UK Placing Shares, the UK Placing, the Common Shares or any type of component of the Fundraising and any type of obligation and responsibility whether developing in tort, agreement or otherwise consequently is specifically disclaimed. No depiction or service warranty, reveal or indicated, is made by Panmure Liberum, Canaccord, Landsbankinn, Acro and/or Fossar and/or any one of their particular associates and/or any one of their particular Representatives regarding the precision, justness, confirmation, efficiency or adequacy of the details or point of views included in this Announcement or any type of various other composed or dental details provided to or openly readily available to any type of interested event or their particular consultants, and any type of responsibility consequently is specifically disclaimed.

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The details in this Announcement might not be sent or dispersed to any type of various other individual and might not be duplicated in any type of way whatsoever. Any forwarding, circulation, recreation or disclosure of this Announcement, in entire or partly, is not authorized. Failure to follow this regulation might lead to an offense of the Securities Act or the relevant legislations of various other territories.

This Announcement does not comprise a suggestion worrying any type of financier’s choices relative to the UK Placing or any type of component of theFundraising Recipients of this Announcement need to perform their very own examination, analysis and evaluation of business, information and various other details defined in thisAnnouncement This Announcement does not determine or recommend, or profess to determine or recommend, the threats (straight or indirect) that might be related to a financial investment in the UK Placing Shares or theCommon Shares The rate and worth of protections can decrease along with up and financiers might not come back the sum total spent upon the disposal of the shares. Past efficiency is not an overview to future efficiency. The materials of this Announcement are not to be taken as lawful, organization, economic or tax obligation guidance. Each financier or potential financier need to consult his/her or its very own counsel, organization advisor, economic advisor or tax obligation advisor for lawful, organization, economic or tax obligation guidance.

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Any sign in this Announcement of the rate at which the Company’s shares have actually been acquired or marketed in the past can not be trusted as an overview to future efficiency. Persons requiring guidance must speak with an independent economic advisor. No declaration in this Announcement is meant to be a revenue projection or earnings quote for any type of duration and no declaration in this Announcement need to be analyzed to suggest that revenues, revenues per share or revenue, capital from procedures or complimentary capital for the Company for the present or future economic durations would always match or surpass the historic released revenues, revenues per share or revenue, capital from procedures or complimentary capital for the Company.

All deals of the Fundraising Shares will certainly be made according to an exception under the EU Prospectus Regulation and the UK Prospectus Regulation from the demand to generate a program. This Announcement is being dispersed and connected to individuals in the United Kingdom just in conditions in which area 21( 1) of FSMA does not use.

The Fundraising Shares to be provided according to the Fundraising will certainly not be confessed to trading on any type of stock market apart from goal, the TSX-V and the Icelandic Exchange.

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Neither the TSX-V neither its Regulation Services Provider (as that term is specified in the plans of the TSX-V) approves obligation for the competence or precision of this launch.

Forward-Looking Information

This Announcement consists of declarations that are, or might be regarded to be,“forward-looking statements” In some instances, these progressive declarations can be determined by the use progressive terms, consisting of the terms “aims”, “anticipates”, “believes”, “could”, “envisages”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”, “should”, “targets” or “will” or, in each instance, their adverse or various other variants or similar terms. By their nature, progressive declarations include threats and unpredictabilities since they associate with occasions and depend upon conditions that might or might not happen in the future and elements which are past the Company’s control. The real outcomes, efficiency or success of the Company or growths in the market in which the Company runs might vary materially from the future outcomes, efficiency or success or market growths revealed or indicated by the progressive declarations included in thisAnnouncement The progressive declarations included in this Announcement talk just as at the day of thisAnnouncement The Company takes on no responsibility to upgrade or modify openly the progressive declarations included in this Announcement, other than as needed in order to follow its lawful and regulative commitments.

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