Greenland Minerals and Energy
Full Greenland Minerals and Energy profile here
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.
The company strategy is to identify large mineral deposits with the potential to underpin long term, economically robust mining operations.
Greenland Mineral'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.
Greenland Minerals and Energy raises A$21m for Kvanefjeld development
Thursday, July 08, 2010
Greenland Minerals and Energy (ASX: GGG) has secured A$21 million to finance ongoing feasibility and development programs on the Kvanefjeld Multi Element (rare earth elements, zinc, and uranium) Project in Greenland.
The funds have been secured through a A$6 million equity raising and the establishment of a A$15M million equity facility via the issue of 17,647,060 shares at $0.34 to sophisticated and institutional investors, and takes the Company’s cash reserves to more than $9 million.
The funds will be used for ongoing development programs at Kvanefjeld.
In addition, an equity facility has been established with US based YA Global Investments (Yorkville) that provides Greenland with the option to draw down on a $15 million facility at any time over the next five years.
The facility provides the company with a secure and flexible funding option to accelerate work programs in the future.
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