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Greenland Minerals gets cash injection from option exercise

The Kvanefjeld Project is located near the southern tip of Greenland near existing infrastructure.
map showing Kvanefjeld location in south Greenland
Kvanefjeld hosts one of the world's most significant rare earth elements deposits

Greenland Minerals Ltd (ASX:GGG) has received a vote of confidence as 816,258 options were exercised at 8 cents, resulting in $65,300 for the company.

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.

READ: Greenland Minerals chairman buys 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.

READ: Greenland Minerals signs off-take MoU with strategic partner Shenghe, shares rise

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.

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Greenland Minerals Ltd Timeline

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