Greenland Resources Inc. announced a best efforts non-brokered private placement of up to 3,846,154 units of the at a price of CAD 0.52 per unit for gross proceeds of up to CAD 2,000,000. Each unit will be comprised of one common share and one half of one common share purchase warrant. Each warrant shall be exercisable to acquire one common share at a price of CAD 0.70 per warrant share for a period of 24 months from the closing of the transaction.

The securities to be issued under the transaction will be offered by way of private placement in each of the provinces and territories of Canada and such other jurisdictions as may be determined by the company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Closing of the transaction is anticipated to occur on or around November 10, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the NEO Exchange. The units to be issued under the transaction will have a standard hold period of four months and one day from closing.