TORONTO, March 26, 2021 (GLOBE NEWSWIRE) – Greenland Resources Inc. (“Greenland Resources“or the”Company“) Is pleased to announce that it has completed its private placement by brokerage of 23,742,337 units of the Company (the”Units“) At a price of $ 0.35 per Unit for total gross proceeds of $ 8,309,818 (the”Offer”). Canaccord Genuity Corp. and PowerOne Capital Markets Ltd. acted as principal agents and co-bookrunners in connection with the offering. Each Unit is made up of one ordinary share in the capital of the Company (“Common share“) And a half common share purchase warrant (each whole warrant is”To guarantee”). Each warrant entitles its holder to purchase one common share at an exercise price of $ 0.60 for a period of 24 months from the date of listing of the company on a recognized Canadian stock exchange ( the “SEO”).
Greenland President Dr Ruben Shiffman said: “We welcome our new strategic and sophisticated mining investors as we believe it will be a boon to the development of the Malmbjerg molybdenum project. We also look forward to continuing to work with all concerned parties in Greenland, the residents of the town of Ittoqqortoormiit and the European Union. “
In connection with the offering, the Company paid the principal agents a cash commission equal to 7% of the gross proceeds of the offering and issued a total of 1,661,964 broker warrants. Each broker’s warrant may be exercised as a unit at a price of $ 0.35 for a period of 24 months from the date of registration of the company. Each unit of a broker’s warrant is made up of one common share and one-half of a warrant, each warrant entitling the holder to purchase one common share at an exercise price of $ 0.60 for one period of 24 months from the date of registration of the company.
The Company intends to use the net proceeds of the Offering for technical feasibility work, obtaining permits and for general working capital purposes.
About Greenland Resources Inc.
Greenland Resources is a Canadian reporting issuer regulated by the Ontario Securities Commission focused on the development of its world-class Climax pure molybdenum deposit located in east-central Greenland. The Malmbjerg molybdenum deposit has limited measured and indicated resources in the pit of 247.1 million tonnes at 0.180% MoS2, for 587 million pounds of contained metallic molybdenum (RPA, 2018). The project benefits from a 2008 feasibility study carried out by Wardrop (now Tetra Tech), an environmental and social impact study (SRK, 2007), and has already obtained an operating license in 2009. With Offices in Toronto, the company is led by a management team with extensive experience in the mining industry and financial markets. For more details, please see our website (www.greenlandresources.ca) as well as our Canadian regulatory filings on the Greenland Resources profile at www.sedar.com.
|For more information, please contact:|
|Ruben Shiffman, PhD||Executive Chairman, President|
|Keith Minty, P.Eng., MBA||Engineering and project management|
|Jim Steel, geo, MBA||Exploration and mining geology|
|Nauja Bianco, M.Pol.Sci.||Public and community relations|
|Gary Anstey||Investor Relations|
|The head office||Suite 1410, 181 University Av. Toronto, Ontario, Canada M5H 3M7|
|Phone||+1 647 273 9913|
CAUTION: No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this document. This press release contains forward-looking information which is not made up of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, but is not limited to, the objectives, goals or future plans of the company, statements regarding the estimate of mineral resources, exploration results, plans for potential mineralization, exploration and mine development, availability of financing, timing of commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from this forward-looking information include, but are not limited to: the inability to convert estimated mineral resources into reserves; capital and operating costs varying considerably from estimates, including operating costs in remote mountainous environments; delays in obtaining or failing to obtain required government, environmental or other project approvals; political risks, uncertainties relating to the availability and costs of necessary financing in the future; changes in stock markets, inflation, changes in exchange rates, fluctuations in commodity prices; delays in the development of projects; the inability to anticipate and counter the effects of the COVID-19 pandemic on the Company’s business, including, without limitation, the effects of COVID-19 on financial markets, chain disruptions procurement of commodity prices; restrictions on labor and attendance at workplaces and travel; and other risks associated with the mining exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press, and no assurance can be heard that such events will occur within the stated timeframe or not at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.