Notably, the 8 cent exercise price is at a slight premium to the current share price of 7.9 cents, which shows support for the company’s outlook.
The option exercise follows news last Friday of the company’s chairman Tony Ho buying shares on market.
The company continues to advance the development of its flagship Kvanefjeld Project in Greenland.
Greenland Minerals is in the process of finalising the environmental impact assessment (EIA) for lodgement ahead of the public hearings process to obtain a mining licence.
The social impact assessment (SIA) which is also necessary for the public hearings was lodged in late July 2018.
Most recently, the company signed a non-binding memorandum of understanding (MoU) related to off-take from Kvanefjeld.
The MoU was with major shareholder and strategic partner Shenghe and established a framework to enter future binding agreements.
The MoU covers two key areas; (1) product off-take and marketing of rare earth products produced from Kvanefjeld, and (2) strategic development execution.