Of those 8.91 million options exercised, managing director Dr John Mair, was responsible for 375,000 or $30,000 worth.
This is the fifth lot of options that have been exercised since September 2018 and in total, it has provided over $2.1 million in funding for the company.
It is common for investors to exercise options when they are deep in-the-money, but notably, the recent option exercises have been at 8 cents, which is at-the-money.
Funds from the option exercises will likely go towards developing the company’s flagship 100% owned Kvanefjeld Project in Greenland.
Kvanefjeld has a JORC 2012 resource of 1.01 billion tonnes grading 1.1% rare earth oxides (REO) with a substantial uranium resource of 593 million pounds as well as zinc.