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Reykjavík, Jan. 24, 2025 (GLOBE NEWSWIRE) -- ("Amaroq" or the "Company")
Amaroq Announces Market-Making Arrangements with Arion bank
TORONTO, ONTARIO – 24 January 2025 – Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic mineral assets in Southern Greenland, announces that it has engaged Arion bank hf. ("Arion Bank") to provide certain market-making services in respect of Amaroq's Icelandic depositary receipts (the "Depositary Receipts") listed on the Main Market operated by Nasdaq Iceland hf.
In accordance with the requirements of Policy 3.4 – Investor Relations, Promotional and Market-Making Activities of the TSX Venture Exchange and Nordic Main Market Rulebook for Issuers of Shares as published by Nasdaq Iceland and effective 1 January 2024, Amaroq hereby provides the following information regarding the service provider.
The engagement of Arion Bank was made pursuant to the terms of a market making agreement entered into between Amaroq and Arion Bank on January 24, 2025. Arion Bank, reg. no. 581008-0150, Borgartún 19, 105 Reykjavík, Iceland, holds a full banking license under the Act on Financial Undertakings, no. 161/2002 and is regulated by the Financial Supervisory Authority of the Central Bank of Iceland.
In accordance with the terms of the market-making agreement, Arion Bank shall be paid ISK 3,850,000 (Approx. C$39,000) per quarter or a percentage of that amount for shorter periods, with such payment being settled at the end of each quarter. Arion Bank is permitted to increase the fee at its discretion by sending notification to Amaroq at least 25 days before the start of the next quarter, and this increase will come into effect in the quarter after such notification was received. Arion Bank shall post on each trading day buy- and sell quotes in the trading system of Nasdaq Iceland. Each bid and ask shall be for a minimum of 50,000 Depository Receipts at nominal value. The bid-ask spread shall be as close as possible to 1.50%, but never less than 1.45%.
The market-making agreement is open-ended and is in force from 24 January 2025. The market-making agreement may be terminated at any time by either party upon providing a 14 days' prior written notice.
Amaroq confirms that the market-making services provided by Arion Bank are limited to the Depositary Receipts listed on the Nasdaq Iceland. The marking-making agreement does not contain any performance factors, and Arion Bank will not receive any common shares or options as compensation.