This placement was made to institutional and sophisticated investors with strong support from high calibre international and domestic institutional funds.
Funds raised will be used for finalisation of licensing and permitting for the Kvanefjeld Rare Earth Project in Greenland and conversion of the optimised feasibility study to a definitive feasibility study.
Additionally, Greenland Minerals is conducting a share purchase plan (SPP) to eligible shareholders which will close on December 15.
This provides the opportunity for each shareholder to apply for up to A$30,000 worth of shares at the same price as the placement.
The targeted amount of raising is A$3 million.
Use of funds
Proceeds of the capital raising will be used to fund a number of activities including:
- Finalisation of licensing and permitting;
- Conversion of the optimised feasibility study to a definitive feasibility study;
- Advancement of offtake and project funding discussions;
- Expansion of organisational capacity to accelerate pre‐development work; and
- General working capital purposes.