Peterson McVicar acts for Greenland Resources in Proposed Brokered Financing
On March 8, 2021 Greenland Resources Inc. (“Greenland Resources” or the “Company”) announced that is had entered into an agreement with Cannacord Genuity Corp., and PowerOne Capital Markets Ltd. as lead agents and co-bookrunners (the “Lead Agents”), on their own behalf and on behalf of a syndicate of agents including Haywood Securities Inc., to be determined by the Lead Agents (together with the Lead Agent, the “Agents”) in connection with a best efforts, private placement of up to 20,000,000 units of the Company (the “Units”) at a price of C$0.35 per Unit (the “Offering Price”) for gross proceeds of up to C$7,000,000 (the “Offering”).
The Company intends to use the net proceeds from the Offering for engineering feasibility work, permitting and for general working capital purposes.
Greenland Resources is a Canadian reporting issuer regulated by the Ontario Securities Commission, focused on the development of its world class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum deposit has pit-constrained Measured and Indicated Resources of 247.1 million tonnes at 0.180% MoS2, for 587 million pounds of contained molybdenum metal (RPA, 2018). The Project benefits from a 2008 Feasibility Study completed by Wardrop (now Tetra Tech), an Environmental and Social Impact Assessment (SRK, 2007), and had a previous exploitation license granted in 2009.
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