Amaroq Minerals Converts $22.4M Convertible Notes to Common Shares

The conversion aims to streamline capital structure and enhance financial flexibility.

Amaroq Minerals has agreed with noteholders to convert US$22.4 million in convertible notes into common shares, simplifying its capital structure.
The conversion will reduce cash interest costs and allow for greater financial flexibility for the company.
Conversion includes 33.6 million shares for principal and 1.3 million shares for outstanding interest, with a conversion price of C$0.90 and C$1.3 respectively.
The transaction is subject to final approval from the TSX Venture Exchange, and shares are expected to be issued in October 2024.
The conversion is classified as a 'Shares for Debt' transaction and involves related party transactions, deemed fair and reasonable by company directors.