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Greenland Resources Announces Private Placement Financing

Oct 31, 2022•almost 3 years ago
TorontoOtherMineral

Description

Greenland Resources Inc. (“Greenland Resources” or the “Company”; NEO: MOLY | FSE: M0LY) is pleased to announce that it will be conducting a best efforts non-brokered private placement of up to 3,846,154 units of the Company (the “Units”) at a price of C$0.52 per Unit (the “Offering Price”) for gross proceeds of up to C$2,000,000 (the “Offering”). Each Unit will be comprised of one common share of the Company (a “Common Share”) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price of C$0.70 per Warrant Share for a period of 24 months from the closing of the Offering

Company Information

Company

Greenland Resources

Location

25 YORK STREET SUITE 1810

Toronto, Ontario, Canada

About

Greenland Resources, a Canadian public company regulated by the Ontario Securities Commission, owns 100% of the Malmbjerg molybdenum deposit in east-central Greenland, an open-pit project designed for low environmental impact. A 2022 NI 43-101 Feasibility Study by Tetra Tech estimates US$820M capex, a 33.8% after-tax IRR, and 2.4-year payback at US$18/lb molybdenum, with 245M tonnes of Proven and Probable Reserves (571M lbs molybdenum). High-grade ore mined in the first decade will yield 32.8M lbs annually—about 25% of EU yearly demand and 100% of EU defence needs. The project also targets magnesium recovery from saline water and concentrate, with both molybdenum and magnesium covered under an exploitation license granted June 19, 2025. Headquartered in Toronto, the company’s leadership has deep mining and capital markets expertise.

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