AEX Gold says shares commenced trading on the AIM market of the London Stock Exchange on Friday
The AIM debut of the independent gold company with a portfolio of gold licences in Greenland followed a fundraise which comprised a placing and direct subscriptions for an aggregate of 94,444,445 new common shares at a price of 45 pence per share or 77 Canadian cents per share, raising gross proceeds of £42.5 million (C$72.7 million), with the new shares represent 53.3% of the company’s enlarged share capital.
The net proceeds of the fundraising will be used to commence development at AEX Gold’s previously producing Nalunaq Property, in Southern Greenland, as well as funding, subject to the financing below, exploration activities across its wider licence portfolio covering 3,356 square kilometres on the two known gold belts in Southern Greenland, Nanortalik and Tartoq, the company said in an announcement on July 27.
In a statement on Friday, Eldur Ólafsson, founder and chief executive officer of AEX Gold commented: “Today marks a highly exciting moment for AEX Gold, with our successful fundraise allowing us to progress our corporate vision, whilst also providing UK and European investors with the opportunity to be a part of Greenland’s growing gold sector.
“We now have the financial capacity to push forward to production at our high-grade Nalunaq gold mine together with targeted exploration across our wider gold acreage in Southern Greenland.
“Our ambition is to become a full-cycle gold mining business of scale in Greenland, with Nalunaq the first project in what we believe could be many from our existing portfolio of gold assets.”
In midday trade in London, AEX Gold shares were changing hands at 46p each.