Amaroq Minerals Ltd told investors it has now completed the joint venture agreement with GCAM, with the release of funds from escrow. The company now retains a 51% interest in the Gardaq vehicle which has been funded with £18mln by GCAM.
Through the joint vehicle, the company expects to focus on exploring for significant strategic minerals deposits in the Sava Copper Belt, Stendalen, Paatusoq and Kobberminebugt.
“I am delighted to confirm that all resolutions have been met and our Strategic Minerals Joint Venture transaction with GCAM has now closed, with approval from the Greenland government,” Amaroq chief executive Eldur Olafsson said in a statement.
“This partnership is an exciting milestone for our strategic minerals venture, and we look forward to progressing our strategic mineral targets along with the exploration across our licence portfolio, with the aim of defining further non-precious strategic mineral assets,” he added.