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Financings

Greenland closes first tranche of EIT financing

By The Northwire Desk — AI Analysis Nov 21, 2025 · 16:02 MOLY · 1.17 Greenland Resources Inc.
MOLY · Price

Executive Summary

  • Greenland Resources Inc. closed the first tranche of financing from EIT RawMaterials GmbH, receiving 375,000 euros (approx. $611,250 CAD) in exchange for 370,455 shares.
  • The company concurrently completed a non-brokered private placement of 112,122 common shares at $1.65 CAD per share, generating $185,001 CAD in gross proceeds from an insider.
  • Proceeds will be used to test innovative magnesium extraction technologies from process saline water at the Malmbjerg molybdenum project in Greenland, along with general corporate and working capital purposes.

Key Details

  • EIT RawMaterials Financing:
    • Tranche: First tranche closed.
    • Amount: 375,000 euros (approximately $611,250 CAD).
    • Equity Issued: 370,455 company shares.
    • Price: $1.65 CAD per share.
    • Counterparty: EIT RawMaterials GmbH (public-private partnership co-funded by the EU under Horizon Europe).
  • Private Placement:
    • Structure: Non-brokered private placement.
    • Shares Issued: 112,122 common shares.
    • Price: $1.65 CAD per share.
    • Gross Proceeds: $185,001 CAD.
    • Buyer: An insider of the company.
    • Regulatory Status: Related party transaction under Multilateral Instrument 61-101; exempt from formal valuation and minority shareholder approval requirements as consideration did not exceed 25% of market capitalization.
  • Use of Proceeds:
    • Testing innovative technologies for magnesium extraction from process saline water at the Malmbjerg project.
    • General corporate and working capital purposes.
  • Project Context (Malmbjerg):
    • 100%-owned Climax-type primary molybdenum deposit in central-east Greenland.
    • Definitive Feasibility Study (2022) by Tetra Tech: $820M USD capex, 33.8% levered after-tax IRR, 2.4-year payback.
    • Reserves: 245 million tonnes at 0.176% MoS2 (571 million pounds contained molybdenum).
    • Exploitation license for molybdenum and magnesium awarded June 19, 2025.
    • Plans to incorporate magnesium economics into feasibility study; currently extracting magnesium from ~35,000 cubic meters/day of saline water (900 ppm Mg).

Notable Quotes

  • None provided in the text.
Read the original news release →

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