Business
Greenland Resources Closes C$2.35 Million Private Placement
TORONTO / Nov 17, 2022 / Business Wire / Greenland Resources Inc. (“Greenland Resources” or the “Company”; NEO: MOLY | FSE: M0LY) is pleased to announce that it
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Nov 17, 2022 / Business Wire / Greenland Resources Inc. (“Greenland Resources” or the “Company”; NEO: MOLY | FSE: M0LY) is pleased to announce that it has closed its oversubscribed non-brokered private placement announced on October 31, 2022 for gross proceeds of C$2,358,000 (the “Offering”). Each Unit consists 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 at a price of C$0.70 for 2 years from the closing of the Offering. The Company intends to use the net proceeds to make progress on the permitting, capex and offtaking for its Malmbjerg molybdenum project and for general corporate and working capital purposes. The Malmbjerg molybdenum project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, which concluded an expected Base case after-tax IRR of 22.4%, NPV6% of US$1.17 billion and a Levered pre-tax IRR of 40.4%, after tax IRR of 33.8% and payback of 2.4 years. The securities issued as part of the Offering were distributed by way of a private placement in each of the provinces and territories of Canada pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. A finder’s fee consisting of 1) a cash payment equivalent to 7% of the gross proceeds of the Offering and 2) finder warrants (the “Finder Warrants”) equal to 7% of the Units sold under the Offering was paid to PowerOne Capital Markets Limited who acted as finder in connection with the Offering. Each whole Finder Warrant will entitle the holder to purchase one Unit at the Offering Price for twenty-four months from the closing date. Completion of the Offering is subject to the receipt of all necessary regulatory approvals. The Units issued under the Offering are subject to a standard hold period of four months and one day from the closing date. The President of the Company purchased an aggregate of 192,307 Units, representing approximately 4% of the Offering. The Company is relying on the exemption from the requirements to obtain a formal evaluation and minority shareholder in reliance on sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101. Qualified Person Statement The news release has been reviewed and approved by Mr. ...