01:50 PM EDT, 06/11/2025 (MT Newswires) -- Amaroq Minerals ( AMRQF ) Wednesday said it is seeking $55.5 million in a placement of shares priced at $1.57 each.

The company said the placement comes as it agreed to acquire Black Angel Mining A/S from FBC Mining for US$10 million and the Kangerluarsuk licences from 80 Mile plc for US$0.5 million to create a West Greenland resources hub.

The company said proceeds from the share sale will be used to fund the new resources hub, Greenland, boost exploration drilling; support the commissioning and production expansion at Nalunaq, and strengthen its balance sheet.

"We are launching this fundraise in order to strengthen our ability to execute on our strategy of creating a growing, sustainable full-cycle mining enterprise and forming a Greenlandic legacy," said chief executive Eldur Olafsson.

The company's shares were last seen up $0.03 to $1.60 on the TSX Venture Exchange.

Price: 1.60, Change: +0.03, Percent Change: +1.91