Greenland Resources Inc. announced that it has entered into a subscription agreement for a private placement financing (the “Private Placement”) with investment funds advised by Maj Invest. Under the terms of the private placement, Greenland Resources will issue 4,225,352 common shares (“Common Shares”) in the capital of the Company at a price of C$0.71 per Common Share for gross proceeds of C$3 million.

The Company intends to use the net proceeds from the Private Placement to advance capex and permitting of its Malmbjerg Molybdenum project in Greenland (the “Project”) and for general corporate and working capital purposes. The Company welcomes Maj Invest as a partner with a long-term focus and strategic support for the development of the Project.

Closing of the Private Placement is anticipated to occur on or around July 12, 2023, and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the NEO Exchange. The Common Shares issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws. No finders’ fees or commissions are payable on the Private Placement.

Source: business wire