Greenland Minerals Ltd (ASX:GGG) (OTCMKTS:GDLNF) (FRA:G7P) non-executive chairman Anthony Ho has shown his support for the company and its rare earth strategy by participating in a share purchase plan (SPP).
On December 30 Ho acquired 57,188 shares valued at A$13,725.12 in direct and indirect interests and now holds almost 4.033 million shares.
It was his second purchase this month with 100,000 shares valued at A$24,500 obtained in an on-market transaction on December 1.
SPP strongly supported
The company was delighted with the outcome of the SPP which raised A$4 million after applications were received for shares valued at A$8.6 million.
Its original target was A$3 million and funds accepted have been scaled back with the company issuing 16,694,694 new shares.
The heavily oversubscribed SPP takes the company’s total capital raising proceeds to A$34 million after raising A$30 million in a placement to institutional and sophisticated investors at A$0.24 per share.
Funds for Kvanefjeld project
Proceeds will be used to finalise licensing and permitting for the Kvanefjeld Rare Earth Project in Greenland and conversion of the optimised feasibility study to a definitive feasibility study.
The proceeds will also advance offtake and project funding discussions as well as to expand organisational capacity to accelerate pre-development work.
Shares trend higher
GGG's market cap currently stands at approximately A$350.4 million while shares last traded at A$0.265 up from A$0.24 at market close on December 10.
This year shares have traded in the range of A$0.067 to A$0.345, a new seven-year high.