Greenland Minerals raises $21m in placement

West Perth-based Greenland Minerals and Energy Ltd has raised more than $21 million through the issue of 17.5 million shares and one option to international and sophisticated investors.

The placement will leave the company with about $32 million in high interest bearing accounts to fund next year's exploration program and allow for the start of a pre-feasibility study at its flagship Kvanefjeld project in Greenland.

The company expects to drill at least another 10,000 metres of diamond drilling in resource extension and definition at Kvanefjeld and up to 5,000m of regional exploration drilling, targeting recently identified multi-element anomalies.

Funds will also be allocated to pre feasibility work including metallurgical and engineering studies.

Greenland shares closed six cents higher today at $1.24.