Greenland Resources Announces Private Placement Financing

About this update from Greenland Resources Inc.

[{"type":"text","content":" TORONTO, May 05, 2025 (GLOBE NEWSWIRE) -- Greenland Resources Inc. (“Greenland Resources” or the “Company”; Cboe CA: MOLY | FSE: M0LY) is pleased to announce that it will be conducting a best efforts non-brokered private placement of up to 3,529,412 units of the Company (the “Units”) at a price of C$0.85 per Unit (the “Offering Price”) for gross proceeds of up to approximately C$3,000,000 (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$1.00 per Warrant Share for a period of 24 months from the closing of the Offering. Finder’s fees may be paid to eligible finders in accordance with the policies of the CBOE consisting of a cash commission equal to up to 7% of the gross proceeds raised under the Offering and finder Warrants. The Company intends to use the net proceeds from the Offering to continue detailed engineering studies and magnesium metallurgical studies for the Malmbjerg Project in Greenland, as well as fund capex and offtaking negotiations and for general corporate and working capital purposes. The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions outside of Canada and the United States as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Closing of the Offering (the “Closing”) is anticipated to occur on or around May 15, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the Cboe Exchange. The Units to be issued under the Offering will have a standard hold period of four months and one day from Closing. Greenland Resources Inc. Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned Climax type primary molybdenum deposit located in central east Greenland. The Project has also magnesium as a bi-product, a market dominated 89% by China. The Malmbjerg molybdenum proje...

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