Greenland Minerals and Energy Ltd (ASX:GGG) has advised that they have received verbal acceptances to place 25,000,000 shares at 20 cents a share to raise $5,000,000.
The funds will be used to increase general working capital and to facilitate a potential repurchase of the royalty outstanding on the Kvanefjeld project.
Greenland’s flagship project is Kvanefjeld, a multi-element deposit located near the southwest tip of Greenland. Through focused exploration, Kvanefjeld is rapidly growing to become one to the world’s largest undeveloped deposits of rare earth elements, uranium and naturally occurring sodium fluoride, commodities with long term forecasts for strong demand increases.
Recently, the company anounced, after confirmation by its lawyers in Greenland that the parliamentary debate in Greenland regarding uranium indicated in principle support towards easing the current zero-tolerance regulations with particular reference made to by-product production at the Kvanefjeld specialty metals project.
This comes just days after more than 75% of Greenlanders voted in favour of Self Governing.
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Greenland Minerals and Energy (ASX:GGG) is a mineral exploration and development company, focused on unlocking the mineral riches of Greenland, one of the world’s last natural resource frontiers. Greenland Minerals has already established a resource at its Kvanefjeld rare earth, uranium and sodium fluoride project in southern Greenland. An updated inferred resource was released last month of 334 million tonnes grading 0.03% uranium oxide (at a cut-off of 0.015%), including 215 Mt at 1.21% rare earth oxide (REO) (up 163%) and 201 Mt at 1.11% sodium fluoride (up 68%).