Greenland Minerals chairman shows faith in rare earth strategy with on-market purchase

Greenland Minerals Ltd’s (ASX:GGG) (OTCMKTS:GDLNF) (FRA:G7P) non-executive chairman Anthony Ho has demonstrated his confidence in the team’s rare earth strategy with the purchase of shares in an on-market transaction.

Ho acquired 100,000 shares for $24,500 on December 1 in an indirect interest, increasing his total number of securities held in that interest to more than 3.975 million.

GGG’s market cap currently stands at approximately $287.4 million while shares today have been almost 7% higher to 25.5 cents.

Strong support to raise $30 million

The company recently received firm commitments from institutional, sophisticated and professional investors to raise $30 million via a share placement at 24 cents per share.

Support for the raise was received by new North American, European and Australian institutional investors.

This level of support highlights the significance of the Kvanefjeld Rare Earth Project in Greenland, one of the world’s largest undeveloped rare earth projects.

The company will also conduct a non‐underwritten share-purchase-plan (SPP) on the same terms to existing eligible shareholders.

It plans to raise around $3 million through the SPP which will see it fully funded to accelerate work programs to reach a final investment decision as the outlook for rare earth demand continues to strengthen.

Story by ProactiveInvestors