Amaroq Minerals Ltd Conditional Award under RSU Plan and Award Options (3776L)

TIDMAMRQ

RNS Number : 3776L

Amaroq Minerals Ltd

30 December 2022

("Amaroq Minerals" or the "Company")

Conditional Awards under RSU Plan and Award of Stock Options

TORONTO, ONTARIO - December 30, 2022 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First North: AMRQ), announces that on 30 December 2022 it made an award (the "Award") to directors and employees of Amaroq Minerals as listed below. The Award consists of a conditional right to receive value if the future performance targets, applicable to the Award, are met. Any value to which the participants are eligible in respect of the Award will be granted as Restricted Share Units (each an "RSU"), with each RSU entitling a participant to receive common shares in the Company. Each RSU will be granted under, and governed in accordance with, the rules of the Company's Restricted Share Unit Plan (the "RSU Plan").

The RSU Plan was approved by the Company's shareholders at the AGM held on 16 June 2022. Full details of the RSU Plan were set out in the Company's Notice of Annual and Special meeting of shareholders and Management information circular (available on the Company's website at https://www.amaroqminerals.com/investors/documents-circulars/ .

The details of the Award are as follows:

 
 Award Date                30 December 2022 
 Initial Price             CAD 0.552 
                          ----------------------------------------------- 
 Hurdle Rate               10% p.a. above the Initial Price 
                          ----------------------------------------------- 
 Total Pool                10% of the growth in value above the Hurdle 
                            rate, not exceeding 10% of the Company's 
                            share capital 
                            The number of shares will be determined 
                            at the Measurement Dates 
                          ----------------------------------------------- 
 Participant proportions   Eldur Olafsson, CEO 40% 
                            Jaco Crouse, CFO 20% 
                            Joan Plant, VP ESG 10% 
                            James Gilbertson, VP Exploration 10% 
                          ----------------------------------------------- 
 Performance Period        1 January 2022 to 31 December 2025 (inclusive) 
                          ----------------------------------------------- 
 Normal Measurement        First Measurement Date: 31 December 2023, 
  Dates                     vesting partially on the First Measurement 
                            Date and on the third anniversary of the 
                            First Measurement Date 
                            Second Measurement Date: 31 December 2024, 
                            vesting partially on the Second Measurement 
                            Date and on the second anniversary of the 
                            Second Measurement Date 
                            Third Measurement Date: 31 December 2025, 
                            with vesting on the first anniversary of 
                            the Third Measurement Date 
                          ----------------------------------------------- 
 

Dealing Notification Forms of each PDMR provided in accordance with Article 19 of the EU Market Abuse Regulation 596/2014 can be found below.

Award of stock options

Amaroq Minerals also announces that it has granted incentive stock option awards ("Options") to employees and a consultant of Amaroq Minerals to acquire an aggregate of 1,330,000 common shares under the Company's Stock Option Plan.

The Options have an exercise price of C$0.70 per share, vested immediately on the date of grant, and will expire if they remain unexercised five years from the date of the award.

DEALING NOTIFICATION FORM

FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY

AND THEIR CLOSELY ASSOCIATED PERSONS

 
 1.    Details of the person discharging managerial responsibilities/person 
        closely associated 
  a)   Name:                              1) Eldur Olafsson 
                                           2) Jaco Crouse 
      ---------------------------------  ---------------------------------------------------- 
 2.    Reason for the notification 
      --------------------------------------------------------------------------------------- 
  a)   Position/status:                   1) Director and Chief Executive 
                                           Officer 
                                           2) Director and Chief Financial 
                                           Officer 
      ---------------------------------  ---------------------------------------------------- 
  b)   Initial notification/Amendment     Initial notification 
      ---------------------------------  ---------------------------------------------------- 
 3.    Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      --------------------------------------------------------------------------------------- 
  a)   Name                               Amaroq Minerals Ltd. 
      ---------------------------------  ---------------------------------------------------- 
  b)   LEI:                               213800Q21S5JQ6WKCE70 
      ---------------------------------  ---------------------------------------------------- 
 4.    Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      --------------------------------------------------------------------------------------- 
  a)   Description of the financial       Restricted Share Units ("RSU"), 
        instrument, type of instrument:    with each RSU entitling the participant 
                                           to receive common shares in the 
        Identification code:               Company 
      ---------------------------------  ---------------------------------------------------- 
  b)   Nature of the transaction:         Award under Restricted Share Unit 
                                           Plan 
      ---------------------------------  ---------------------------------------------------- 
  c)   Price(s) and volume(s):                               Price(s)        Volume(s) 
                                                                Nil      1) 40% of the Total 
                                                                          Pool 
                                                                          2) 20% of the Total 
                                                                          Pool 
                                                                        --------------------- 
      ---------------------------------  ---------------------------------------------------- 
  d)        Aggregated information:       n/a 
              *    Aggregated volume: 
 
 
 
              *    Average price: 
      ---------------------------------  ---------------------------------------------------- 
  e)   Date of the transaction(s): 
                                                            December 30, 2022 
      ---------------------------------  ---------------------------------------------------- 
  f)   Place of the transaction           XOFF 
      ---------------------------------  ---------------------------------------------------- 
 

Enquiries:

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

[phone]

[e-mail]

Eddie Wyvill, Investor Relations

[phone]

[e-mail]

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)

Callum Stewart

Simon Mensley

Ashton Clanfield

[phone]

Panmure Gordon (UK) Limited (Joint Broker)

John Prior

Hugh Rich

Dougie Mcleod

[phone]

SI Capital Limited (Joint Broker)

Nick Emerson

[phone]

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

[phone]

For Company updates:

Follow @Amaroq_Minerals on Twitter

Follow Amaroq Minerals Ltd. on LinkedIn

Further Information:

About Amaroq Minerals

Amaroq Minerals' principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in Greenland. The Company's principal asset is a 100% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine. The Corporation has a portfolio of gold and strategic metal assets covering 7,615.85km (2) , the largest mineral portfolio in Southern Greenland covering the two known gold belts in the region. Amaroq Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events and the future growth of the Company's business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Company's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to the factors discussed under "Risk Factors" in the Final Prospectus available under the Company's profile on SEDAR at www.sedar.com. Any forward-looking information included in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking information to reflect new

circumstances or events. No securities regulatory authority has either approved or disapproved of the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inside Information

This announcement does not contain inside information.

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December 30, 2022 07:21 ET (12:21 GMT)