# Greenland Resources Updates €50m Equity Deal

> Greenland Resources reports progress on €50 million equity financing through EIC STEP program and industry investor.
- Title: Greenland Resources Updates €50m Equity Deal · Financialpost
- Summary: Greenland Resources reports progress on €50 million equity financing through EIC STEP program and industry investor. Greenland Resources has completed…
- Keywords: greenland resources, eic step, molybdenum, eur 50 million, equity investment, malmbjerg project, tsx:moly, otcqx:grlrf, money, business, Greenland, Resources
- Source: Financialpost — https://financialpost.com/pmn/business-wire-news-releases-pmn/greenland-resources-provides-update-on-eur-50-million-equity-investment
- Read time: 1 min
- Topics: greenland resources, eic step, molybdenum, eur 50 million, equity investment, malmbjerg project, tsx:moly, otcqx:grlrf, money, business
## 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.
## Key takeaway

Greenland Resources has completed initial stages of €50 million equity financing with EIC Fund and industry investor, securing project excellence seal and juror recommendations.