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Greenland Minerals completes A$30 million capital raising

The company has also offered shareholders an opportunity to participate in a share purchase plan to raise a further $3 million.

Greenland Minerals Ltd -
The company will be fully funded to accelerate work programs as the outlook for rare earth demand continues to strengthen.

Greenland Minerals Ltd (ASX:GGG) (OTCMKTS:GDLNF) (FRA:G7P) has completed the capital raising of A$30 million before costs, through the issue of 125 million fully paid shares at 24 cents per share.

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.

SPP open

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.

Quick facts: Greenland Minerals Ltd

Price: 0.1525 AUD

ASX:GGG
Market: ASX
Market Cap: $207.85 m
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