Amaroq Announces Changes to its Trading Liquidity Enhancement
Agreements
("
Amaroq", the
“Corporation”, or
the "
Company")
Amaroq Announces Changes to its Trading
Liquidity Enhancement Agreements
TORONTO, ONTARIO – October 05, 2023 – Amaroq
Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent
mine development company with a substantial land package of gold
and strategic mineral assets in Southern Greenland announces that
it has engaged Fossar Investment Bank hf.
(”Fossar”) and made changes to the existing
arrangement with Landsbankinn hf. ("Landsbankinn")
to provide certain market-making services in respect of Amaroq's
Icelandic depositary receipts (the "Depositary
Receipts") listed on the Nasdaq Iceland to support trading
in Depositary Receipts by facilitating and ensuring effective and
transparent price discovery.
In accordance with the requirements of Policy
3.4 – Investor Relations, Promotional and Market-Making Activities
("Policy 3.4") of the TSX Venture Exchange (the
"Exchange") and Nordic Main Market Rulebook for
Issuers of Shares as published by Nasdaq Iceland on 1 September
2021, Amaroq hereby provides the following information regarding
the service providers.
Fossar Investment Bank hf.
The engagement of Fossar was made pursuant to
the terms of a market making agreement entered into between Amaroq
and Fossar on October 05, 2023. Fossar, reg. no. 660907-0250,
Fríkirkjuvegur 3, 101 Reykjavík, Iceland, holds a license as a
credit undertaking under the Act on Financial Undertakings, no.
161/2002 and is regulated by the Financial Supervisory Authority of
the Central Bank of Iceland.
Fossar shall post on each trading day buy- and
sell quotes in the trading system of Nasdaq Iceland. Each buy- and
sell quote must be a minimum 50,000 shares at nominal value. Such a
quote shall not deviate by more than 5% from the last trading
price. The spread of the buy- and sell quotes shall be as close as
possible to 1.5% but not lower than 1.495%.
The market-making agreement is open-ended and is
in force from 06 October 2023. The market-making agreement may be
terminated at any time by either party upon providing a 14 days'
prior written notice or by mutual agreement. Fossar is an arm's
length party of Amaroq within the policies of the Exchange.
Fossar hold 375,664 common shares of Amaroq
("Common Shares") representing approximately 0.14% of the issued
and outstanding Common Shares on a non-diluted basis.
Landsbankinn hf.
The engagement of Landsbankinn was made pursuant
to the terms of a market-making agreement entered into between
Amaroq and Landsbankinn on October 05, 2023 to replace the
agreement dated October 25, 2022. Landsbankinn, reg. No.
471008-0280, Austurstræti 11, 155 Reykjavík, holds a full banking
license under the Act on Financial Undertakings, no. 161/2002 and
is regulated by the Financial Supervisory Authority of the Central
Bank of Iceland.
Landsbankinn will submit bids and offers daily
in the trading system of Nasdaq Iceland for the minimum amount of
ISK 5,000,000. The maximum net amount that the Market Maker is
obliged to buy or sell each day shall be ISK 10,000,000 market
value. The volume-weighted bid/ask spread of the Market Maker is
determined by the 10-day share price volatility. If the 10-day
volatility is lower than 35% then the maximum volume weighted
spread is 2,0% and if the 10-day volatility is equal to or higher
than 35% then the maximum volume weighted spread is 4%.
The agreement is open-ended and is in force from
06 October 2023. The market-making agreement may be terminated at
any time by either party upon providing a 7 days' prior written
notice. Landsbankinn is an arm's length party of Amaroq within the
policies of the Exchange and as of the date hereof, Landsbankinn
does not hold any Common Shares in Amaroq.
Amaroq confirms that the market-making services
provided by Fossar and Landsbankinn are limited to the Depositary
Receipts listed on the Nasdaq Iceland. Any market-making activities
in Canada will be conducted using a registered broker in compliance
with Policy 3.4 of the Exchange, IIROC's Universal Market Integrity
Rules & Policies and other relevant policies.
Neither marking-making agreement entered into
with Fossar or Landsbankinn contain any performance factors, and
neither Fossar nor Landsbankinn will receive any common shares or
options as compensation.
Arion banki hf.
The market making agreement between Amaroq and
Arion Banki hf. (reg. no. 581008-0150, Borgartún 19, 105 Reykjavík,
Iceland) dated October 31, 2022 entered into to facilitate trading
in Amaroq’s Depositary Receipts on Nasdaq First North will not be
renewed.
Enquiries:
Amaroq Minerals Ltd. Eldur Olafsson,
Executive Director and CEOeo@amaroqminerals.com
Eddie Wyvill, Corporate Development+44 (0)7713
126727ew@amaroqminerals.com
Stifel Nicolaus Europe Limited (Nominated Adviser and
Joint Broker)Callum StewartVarun TalwarSimon MensleyAshton
Clanfield+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint Broker)John
PriorHugh RichDougie Mcleod+44 (0) 20 7886 2500
Landsbankinn hf.Ellert Arnarson
Ellert.Arnarson@landsbankinn.is
Fossar Investment BankThordur
HlynssonThordur.hlynsson@fossar.is+354 896 7641
Camarco (Financial PR)Billy CleggElfie
KentCharlie Dingwall+44 (0) 20 3757 4980
For Company updates:
Follow @Amaroq_minerals on X (Formerly known as Twitter)Follow
Amaroq Minerals Inc. on LinkedIn
Further Information:
About Amaroq Minerals
Amaroq Minerals' principal business objectives
are the identification, acquisition, exploration, and development
of gold and strategic metal properties in Greenland. The Company's
principal asset is a 100% interest in the Nalunaq Project, an
advanced exploration stage property with an exploitation license
including the previously operating Nalunaq gold mine. The
Corporation has a portfolio of gold and strategic metal assets in
Southern Greenland covering the two known gold belts in the region.
Amaroq Minerals is incorporated under the Canada Business
Corporations Act and wholly owns Nalunaq A/S, incorporated under
the Greenland Public Companies Act.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Inside Information
This announcement does not contain inside information.
Amaroq Minerals (LSE:AMRQ)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Amaroq Minerals (LSE:AMRQ)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024