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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	GGG
Latest Price:	0.58 (4.46% )
52-week High:	1.38
52-week Low:	0.43
Market Cap:	239.68M

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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 cracks A$21m in financing for Kvanefjeld development

Thursday, July 08, 2010 by Proactive Investors

Greenland Minerals and Energy (ASX: GGG) has managed to secure A$21 million in financing for the Kvanefjeld project, despite the challenging capital markets, via a A$6 million placement of 17,647,060 shares at $0.34 to sophisticated and institutional investors and a A$15 million equity facility with US based YA Global Investments.

The funding will support an ongoing feasibility study and development programs on the Kvanefjeld Multi Element (rare earth elements, zinc, and uranium) Project in Greenland.

The equity facility has been established with 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 company's 2010 work program commenced in June, including infill drilling at Kvanefjeld with the goal of converting Inferred Resources to the higher Indicated category, enabling the resources to be included in mine plans.

A new prospective region discovered at Kvanefjeld, 6km to the south, Zone 2 is currently being drilled and the company has hopes that it could unearth a significant discovery based on the area being underlain by naujaite and lujavrite, the host to multi-element ores at Kvanefjeld.

Metallurgical testwork and metallurgical studies will also be undertaken in H2 2010 to progress the flowsheet prior to the commencement of a definitive study.

The company will move out of a voluntary suspension as a result of the capital raising immediately.

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