Amaroq Minerals Ltd., the owner of Nalunaq A/S with the gold project in South Greenland, has just signed agreements for a loan financing totaling USD 50.9 million from Icelandic banks and a number of investors. This is a milestone for the development of a full-scale production of the gold mine, including initiating trial mining activities. See also the press release here:

The financing package includes both convertible loans to Amaroq Minerals Ltd. and credit facilities to Nalunaq A/S. Nuna Advokater has assisted Amaroq Minerals Ltd. and Nalunaq A/S as local legal counsel. We look forward to following the further development of the gold mine.

In addition to exploitation and exploration of the two known gold belts in South Greenland, the Nalunaq license portfolio also includes a number of exploration licenses for strategic minerals. The company is listed on AIM (London), TSX Venture Exchange (Toronto) and Nasdaq’s First North Growth Market Iceland.