Greenland Resources Announces Closing of Private Placement Financing for Aggregate of $10 Million
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TORONTO, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Greenland Resources Inc. ("Greenland Resources" or the "Company"; Cboe CA: MOLY | FSE: M0LY) is pleased to announce that it has closed its fully-subscribed non-brokered private placement of 6,666,667 units of the Company (the "Units") at a price of C$1.50 per Unit (the "Offering Price") for aggregate gross proceeds of C$10,000,000.50 (the "Offering"), as announced by the Company on August 5, 2025. The Units were issued to strategic investors pursuant to the Offering and represent approximately 5% of the Company's post-Offering Common Share capital on an undiluted basis.
Each Unit will comprise one common share of the Company (a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant shall be exercisable to acquire one Common Share (a "Warrant Share") at a price of C$2.00 per Warrant Share for a period of 24 months from the closing of the Offering. The Company intends to use the 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 Company has filed on its SEDAR+ profile an amended and restated offering document pursuant to Form 45-106F19 addressing that portion of the Offering which was issued pursuant to the Listed Issuer Financing Exemption, in accordance with the requirements of the Listed Issuer Financing Exemption, that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.greenlandresources.ca.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
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 byproduct, a market dominated 89% by China. The Malmbjerg project is an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with an US$820 million capex and a levered after-tax IRR of 33.8% and payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable Reserves are 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS2, approximately 25% of EU total yearly consumption and 100% of EU defence needs. On byproduct magnesium, the project uses approximately 35,000 ...
