From Financialpost · · 1m 40s
Greenland Resources Updates €50m Equity Deal
Greenland Resources reports progress on €50 million equity financing through EIC STEP program and industry investor.
In brief
Greenland Resources reports progress on €50 million equity financing through EIC STEP program and industry investor. Greenland Resources has completed initial stages of €50 million equity financing with EIC Fund and industry investor, securing project excellence seal and juror recommendations. Originally reported by…
Equity Financing Update
Greenland Resources provides update on potential €50 million equity financing previously announced on April 27.
EIC STEP Program Progress
EIC Fund’s due diligence process is progressing with eligibility assessment and Sovereignty STEP Seal for project excellence.
Juror Recommendations
Company received panel of jurors’ recommendation about potential investment by EIC Fund.
Financing Terms
Financing remains subject to EIC Fund’s final decision and settlement of definitive documentation with other parties.
Malmbjerg Project Details
Greenland Resources develops Malmbjerg, a world-class Climax-type primary molybdenum deposit near tidewater in east-central Greenland.
Resource Statistics
Proven and probable reserves total 245 million tonnes grading 0.176% MoS 2, containing 571 million pounds of molybdenum.
Production Capacity
Average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal.
EU Market Impact
Approximately 25% of EU total yearly consumption and 100% of EU defence needs.
Government Support
Company received grant from government of Canada and aims to incorporate magnesium and rare earth elements as byproducts.
EU Priority Project
On December 3, 2:000 the European Commission presented RESourceEU and mentioned Malmbjerg as priority EU project.
Forward Looking Statements
News release contains forward-looking information about financing round and project objectives.
At a glance
Greenland Resources has completed initial stages of €50 million equity financing with EIC Fund and industry investor, securing project excellence seal and juror recommendations.
