09:22 AM EST, 12/30/2024 (MT Newswires) -- Amaroq Minerals ( AMRQF ) , which operates in Greenland, on Monday said it has closed a US$35 million debt financing package with Icelandic bank Landsbankinn, in three revolving credit facilities.

At the same time, the unutilized US$10 million cost overrun facility with JLE Property will be cancelled.

The facilities will be secured by a combination of a property and operational equipment mortgage, share pledge over subsidiaries, certain bank account pledges and a license transfer agreement.

Amaroq also reported that the Impact Benefit Agreement, will not be formalized by Dec. 31 and may be extended to June 30. This delay will not impact current and future mining operations, with ramp-up to nameplate plant capacity of 260-300 tonnes per day at its cornerstone Nalunaq gold mine is still planned to take place in the fourth quarter of next year.