Amaroq Doubles Revolving Credit Facility to US$70 Million
Amaroq (AMRQ.V, AMRQ.L) entered into an amended and restated Revolving Credit Facility (RCF) with Landsbankinn and Gunvor Group, providing an increased capacity of US$70 million and replacing its existing US$35 million facility, while reducing the overall cost of funding, it said Thursday.Gunvor will offtake gold produced at the Nalunaq mine. The RCF, scheduled to mature on May 1, 2028, remains secured by a combination of property and operational equipment mortgages, share pledges over subsidiaries, bank account pledges, and a license transfer agreement."In addition to the increased capacity, we have reduced our cost of funding, enhanced liquidity flexibility and extended the maturity to May 2028," said Amaroq Chief Financial Officer Ellert Arnarson. "This materially strengthens our working capital, as we enter this year's exploration season and the final construction and commissioning of Phase 2 of the Nalunaq processing plant, while cash flows from gold production continue to build over the course of the year."Price: $1.70, Change: $-0.14, Percent Change: -7.61%
