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Greenland Minerals gets another cash injection from options exercise

The company is developing the globally significant Kvanefjeld Project in Greenland.
hands dropping coins into three jars full of coins
In late August, chairman Tony Ho purchased 250,610 shares for $19,046

Greenland Minerals and Energy Ltd (ASX:GGG) has received another vote of confidence as 3.92 million options were exercised at 8 cents, resulting in $314,149 for the company.

This option exercise follows other recent exercises of 750,000 options on 4 September 2018 and 816,258 options on 28 August 2018.

All three of the recent option exercises have been at an 8 cent strike price, which is only a slight discount to the current 8.2 cent strike price.

Options are regularly exercised at a significant discount to the share price so these option exercises are a show of confidence in the company.

READ: Greenland Minerals lodges EIA for large rare earths project

The company continues to advance the development of its flagship Kvanefjeld Project in Greenland.

Most recently, Greenland lodged an environmental impact assessment (EIA) for Kvanefjeld.

This comes after extensive reviews by Greenland’s Environmental Agency for Mineral Resource Activities (EAMRA) and its advisory bodies since the draft EIA was submitted in late 2015.

The EIA will be reviewed in parallel with undergoing translation into Greenlandic and Danish in preparation for a consultation period.

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

Recently, the company also 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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