09/07/2014 - 10:57

Investors give green light to Greenland

09/07/2014 - 10:57

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Greenland Minerals and Energy has closed its fully underwritten $8.9 million rights issue oversubscribed.

Investors give green light to Greenland

Greenland Minerals and Energy has closed its fully underwritten $8.9 million rights issue oversubscribed.

Business News reported on the rights issue in June, when Greenland announced a 10-cent price for new shares on a two-for-13 basis.

Proceeds from the raising will contribute to finalising a licensing for uranium and rare earth production in southern Greenland.

The company says it is focused on delivering a production centre for specialty metals in the Ilimaussaq complex in southern Greenland, and is “firmly placed to become one of the world’s largest and most cost-effective producers of specialty metals”.

Earlier this year, Greenland signed a memorandum of understanding with China’s Nonferrous Metal Industry’s Foreign Engineering and Construction Co (NFC) to develop the project and a rare earth separation facility alongside it.

Greenland was trading unchanged at 11.5 cents at the time of writing.

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