REG - GreenRoc Mining PLC - Director and PDMR Share Subscriptions
31/05/2024 14:45
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RNS Number : 7040Q GreenRoc Mining PLC 31 May 2024
GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining
31 May 2024
GreenRoc Mining plc
("GreenRoc" or the "Company")
Share Subscription and Director and PDMR Dealings
GreenRoc Mining Plc (AIM: GROC), a company focused on the development of
critical mineral projects in Greenland, is pleased to announce the
subscription of shares in the Company by GreenRoc directors and persons
discharging managerial responsibilities ("PDMRs") as well as by the Company's
largest shareholder, Alba Mineral Resources plc ("Alba"), and a number of Alba
concert parties. In total, 6,111,108 new ordinary shares of 0.1 pence each
(the "Shares") have been subscribed for at a price of 1.8 pence per Share (the
"Subscription Price") for a total subscription of approximately £110,000 (the
"Subscription").
Alba/Concert Parties Subscription (£) Shares Allotted
Alba 70,000.02 3,888,890
Michael Nott 4,999.99 277,777
George Frangeskides* 9,499.99 527,777
Mark Austin** 5,249.99 291,666
Sub-Total 89,749.99 4,986,110
GROC Directors and PDMRS
Stefan Bernstein 5,249.99 291,666
Lars Brünner 2,250.00 125,000
Andrew Panteli 5,249.99 291,666
Silvertree Partners LLP*** 7,499.99 416,666
Sub-Total 20,249.97 1,124,998
Grand Total 109,999.96 6,111,108
* Mr Frangeskides is both a director and the Chairman of GreenRoc and a
director and the Chairman of Alba.
**Mr Austin is a PDMR of Alba and a director of GreenRoc.
***Silvertree Partners LLP provide CFO services through Ben Proffitt who is
GreenRoc's CFO.
Alba Mineral Resources Plc holding
Alba Mineral Resources Plc ("Alba") has subscribed for 3,888,890 Shares at the
Subscription Price ("Alba Subscription"). Following its subscription, Alba
will hold 66,915,207 shares in the Company, equivalent to 35.69% of the
Company's issued capital.
GROC Directors and PDMRS holding
The table below provides details of the purchase of Shares by Directors and
PDMRS of the Company under the Subscription and their resulting interests
following the purchase. The PDMR form is set out at the bottom of this
announcement.
Name Interest in Shares prior to the Subscription Number of Subscription Shares subscribed for Interest in Shares following completion of the Subscription % of Enlarged Share Capital
George Frangeskides 400,001 527,777 927,778 0.49%
Stefan Bernstein 1,420,000 291,666 1,711,666 0.91%
Mark Austin - 291,666 291,666 0.16%
Mark Rachovides 280,000 - 280,000 0.15%
Lars Brünner 125,000 125,000 250,000 0.13%
Andrew Panteli - 291,666 291,666 0.16%
Silvertree Partners LLP* - 416,666 416,666- 0.22%
*Silvertree Partners LLP provide CFO services through Ben Proffitt who is
GreenRoc's CFO.
Related Party Transactions
The Alba Subscription constitutes a related party transaction as defined by
the AIM Rules. The independent directors of the Company in relation to the
Alba Subscription (being all the directors of the Company other than George
Frangeskides and Mark Austin) consider, having consulted with Cairn Financial
Advisers LLP, the Company's nominated adviser, that the terms of the Alba
Subscription are fair and reasonable insofar as the Company's shareholders are
concerned.
The subscriptions by the above-named GreenRoc directors constitute related
party transactions as defined by the AIM Rules. The independent director of
the Company in relation to the subscriptions by the GreenRoc directors, being
Mark Rachovides who is not participating in the Subscription, considers,
having consulted with Cairn Financial Advisers LLP, the Company's nominated
adviser, that the terms of the subscriptions by the above-named GreenRoc
directors are fair and reasonable insofar as the Company's shareholders are
concerned.
Admission to Trading on AIM and Total Voting Rights
Application has been made for the Subscription Shares, which will rank pari
passu with the existing ordinary shares of 0.1 pence each, to be admitted to
trading on AIM ("Admission"). It is expected that Admission of the 6,111,108
Subscription Shares will become effective and that dealings will commence at
8:00 a.m. on or around 5 June 2024.
Following the issue of the Subscription Shares, the total issued share capital
of the Company will consist of 187,464,769 ordinary shares of 0.1 pence
each. The Company does not hold any ordinary shares in Treasury, therefore the
total voting rights in the Company following Admission will be 187,464,769 .
This figure may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change in their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency Rules.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
*ENDS**
For further information, please contact:
GreenRoc Mining Plc +44 20 3950 0724
Stefan Bernstein, CEO
Cairn Financial Advisers LLP (Nomad) +44 20 7213 0880
James Caithie / Sandy Jamieson /
Louise O'Driscoll
Oberon Capital (Broker) +44 20 3179 5300
Nick Lovering / Adam Pollock
St Brides Partners Ltd (Financial PR & IR) +44 20 7236 1177
Paul Dulieu / Isabel De Salis / Isabelle Morris greenroc@stbridespartners.co.uk
About GreenRoc
GreenRoc Mining plc is an AIM-quoted company which is developing mining
projects in Greenland in critical, high-demand and high-value minerals. Led by
a group of highly experienced mining industry professionals, GreenRoc has 100%
ownership of the following high-grade critical mineral projects both of which
benefit from defined Resources:
· The Amitsoq Graphite Project, the Company's flagship project
and one of the highest-grade graphite deposits in the world with a combined
Measured, Indicated and Inferred JORC Resource of 23.05 million tonnes (Mt) at
an average grade of 20.41% graphite, giving a total graphite content of 4.71
Mt; and
· The Thule Black Sands Ilmenite Project ('TBS'), which has an
initial Mineral Resource of 19Mt at 43.6% Total Heavy Minerals with an in-situ
ilmenite grade of 8.9%.
Key Points about Amitsoq, GreenRoc's Flagship Asset
1. Amitsoq is located in the Nanortalik region of southern Greenland, in
year-round ice-free waters and on the same latitude as far northern
Scotland.
2. GreenRoc is focused on fast-tracking the development of Amitsoq into a
producing mine in the shortest possible timeframe to meet critical demand from
Electric Vehicle ('EV') manufacturers in Europe and North America for new,
high grade and conflict-free sources of graphite.
3. The Amitsoq Island Deposit has a total inferred, indicated and measured
JORC Resource of 23.05 million tonnes (Mt) at an average grade of 20.41%
Graphitic Carbon ("C(g)"), giving a total graphite content of 4.71 Mt. This
makes Amitsoq one of the highest-grade graphite projects in the world.
4. Significant further resource upside exists at Amitsoq as the Amitsoq
Island Deposit is open in at least two directions, with potential for
considerable further expansion via the similarly high-grade Kalaaq Mainland
Deposit as well as a series of other high-grade targets within GreenRoc's
licence package.
5. The Amitsoq Island Deposit was in small-scale production about 100 years
ago, and there remains considerable underground mine development in place from
that time, which will be of considerable benefit to GreenRoc in the mine
construction phase.
6. In GreenRoc's test work programmes:
a. Micronisation and spheronisation test work has proven that Amitsoq
graphite can be readily upgraded to high-grade, anode-quality graphite, known
as high purity spherical graphite or cSPG, a critical component in the Li-ion
battery of an EV.
b. Amitsoq spheronised graphite has achieved higher than 99.95% purity with
relatively little energy input and processing and using a milder alkaline
purification method compared to the industry standard hydrofluoric acid,
boding well for future production costs and sustainability commitments.
c. Electrochemical testing of Amitsoq graphite anode material within a test
Li-ion battery cell has shown that it performs very well, in part due to its
good crystallinity.
7. The results of a Preliminary Economic Assessment (or PEA) for Amitsoq
released on 31 October 2023 give a post-tax NPV8 for the Project of US$179M,
an IRR of 26.7% and capex estimated at US$131M (including a 25%
contingency). These figures solely relate to the economics of a mining and
primary processing operation in South Greenland and do not take into account
any potential upside from a downstream processing operation which GreenRoc
intends to establish in Europe or the USA.
8. In relation to the downstream business, GreenRoc has completed a
Feasibility Study into the establishment of a graphite spheronisation
processing plant to produce 40,000 tonnes of cSPG per annum from graphite
concentrate delivered from Amitsoq. This Feasibility Study, which was
part-financed by a grant of approximately £250,000 from the UK's Automotive
Transformation Fund, gives an after-tax NPV8 to the downstream business of
US$545M with an IRR of 25.3%, total gross revenue of US$6.5Bn over a 22-year
period, total gross profit totalling US$2.7Bn, a 4-year payback period on
capital from start of production and an initial capex of US$321M inclusive of
a 25% contingency.
9. Following a detailed evaluation process, the European Raw Materials
Alliance (ERMA) has expressed its support of GreenRoc and its Amitsoq graphite
project, stating that: "GreenRoc's graphite resource is of global importance
and, together with the Company's strategy, will enable the European Union to
achieve a certain level of independence for the electrical vehicle supply
chain. ERMA has approved the Amitsoq Graphite project and will engage to
support its development and financing to produce these critical raw materials
for the benefit of the European Union goals." (see RNS dated 8 February 2023).
[PDMR Disclosures]
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr Stefan Bernstein
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name GreenRoc Mining Plc
b. LEI
213800OAVF2KQAD11380
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the financial instrument, type of instrument
Identification Code Ordinary shares of £0.001 each
GB00BLD3C518
b. Nature of the transaction Subscription for Ordinary shares of £0.001 each
c. Price(s) and volume(s)
Price(s) Volume(s)
1.80 pence 291,666
d. Aggregated information
N/A
e. Date of the transaction 31 May 2024
f. Place of the transaction London, UK
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr George Frangeskides
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name GreenRoc Mining Plc
b. LEI
213800OAVF2KQAD11380
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the financial instrument, type of instrument
Identification Code Ordinary shares of £0.001 each
GB00BLD3C518
b. Nature of the transaction Subscription for Ordinary shares of £0.001 each
c. Price(s) and volume(s)
Price(s) Volume(s)
1.80 pence 527,777
d. Aggregated information
N/A
e. Date of the transaction 31 May 2024
f. Place of the transaction London, UK
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr Lars Brünner
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name GreenRoc Mining Plc
b. LEI
213800OAVF2KQAD11380
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the financial instrument, type of instrument
Identification Code Ordinary shares of £0.001 each
GB00BLD3C518
b. Nature of the transaction Subscription for Ordinary shares of £0.001 each
c. Price(s) and volume(s)
Price(s) Volume(s)
1.80 pence 125,000
d. Aggregated information
N/A
e. Date of the transaction 31 May 2024
f. Place of the transaction London, UK
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr Mark Austin
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name GreenRoc Mining Plc
b. LEI
213800OAVF2KQAD11380
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the financial instrument, type of instrument
Identification Code Ordinary shares of £0.001 each
GB00BLD3C518
b. Nature of the transaction Subscription for Ordinary shares of £0.001 each
c. Price(s) and volume(s)
Price(s) Volume(s)
1.80 pence 291,666
d. Aggregated information
N/A
e. Date of the transaction 31 May 2024
f. Place of the transaction London, UK
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Mr Andrew Panteli
2 Reason for notification
a. Position/Status Director
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name GreenRoc Mining Plc
b. LEI
213800OAVF2KQAD11380
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the financial instrument, type of instrument
Identification Code Ordinary shares of £0.001 each
GB00BLD3C518
b. Nature of the transaction Subscription for Ordinary shares of £0.001 each
c. Price(s) and volume(s)
Price(s) Volume(s)
1.80 pence 291,666
d. Aggregated information
N/A
e. Date of the transaction 31 May 2024
f. Place of the transaction London, UK
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
596/2014
1 Details of the person discharging managerial responsibilities/person closely
associated
a. Name Silvertree Partners LLP
2 Reason for notification
a. Position/Status PDMR
b. Initial notification/ Initial notification
Amendment
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a. Name GreenRoc Mining Plc
b. LEI
213800OAVF2KQAD11380
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a. Description of the financial instrument, type of instrument
Identification Code Ordinary shares of £0.001 each
GB00BLD3C518
b. Nature of the transaction Subscription for Ordinary shares of £0.001 each
c. Price(s) and volume(s)
Price(s) Volume(s)
1.80 pence 416,666
d. Aggregated information
N/A
e. Date of the transaction 31 May 2024
f. Place of the transaction London, UK
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