GreenRoc which is focused on the development of mining projects in Greenland, raised GBP5.12mln through a 10p per share placing in connection with the listing.
GreenRoc has acquired a portfolio of 100% owned projects in Greenland from Alba Mineral Resources PLC (AIM:ALBA), including the Amitsoq graphite project, the Thule Black Sands iIlmenite project, Melville Bay iron project and the Inglefield multi-element project.
Graphite and titanium are both designated as critical minerals by the EU and the US and demand for graphite is forecast to increase by 2,500% by 2040, fuelled by the electric vehicle (EV) sector, GreenRoc said.
Kirk Adams, CEO of GreenRoc, commented: “GreenRoc’s debut on AIM comes at a time when demand for critical minerals is increasing significantly. With today’s IPO, we are able to offer investors an opportunity to gain exposure to a diversified mix of high-grade commodities designated as critical minerals by the EU and the USA, in a jurisdiction which is both strategically located for multiple end-markets and which is supportive of sustainable resource development.
“Our objective is to fast-track exploration, supported by our successful GBP5.12 million fundraising, to significantly add to the inherent value of our assets and move towards development. We are in excellent shape to do this, having just completed significant drilling programmes at our flagship assets, the Amitsoq and the Thule Black Sands Projects, and now moving forward to planning and executing the next 12 months of exploration and development work.
“As such, the coming months will be punctuated with operational updates to drive investor interest and demonstrate the value of what we believe are outstanding assets.”