Company Announcement, Monday October 1st, 2012
ASX: GGG Greenland Minerals and Energy Completes Capital Raising and Launches Share Purchase Plan
Greenland Minerals and Energy Limited ("GMEL" or the
"Company") is pleased to announce that it has placed
50,000,000 shares at $0.30 (AUD) cents per share and
25,000,000 free attaching options* to Australian and
international institutions, existing shareholders and
sophisticated investor clients of Bell Potter Securities
Limited to raise $15M (AUD). The offer was oversubscribed,
resulting in scaled back applications.
Funds raised will be used to finalise the move to 100%
ownership of the Kvanefjeld project, and for general working
capital. As announced on August 6th the move to
100% ownership of Kvanefjeld is conditional on shareholder
approval that is scheduled for October 8th, with
final settlement on October
15th.
The Company's Board has also determined that it will initiate
a Share Purchase Plan ("SPP") so that existing shareholders
have the opportunity to participate in this raising as well.
The issue price of the shares in the SPP is $0.30 (AUD) per
share with a maximum of 16,666,666 shares offered. No options
can be offered under the SPP because of Corporations Law
restrictions. The SPP application period will close on
October 19th or as soon as the subscription
level reaches $5M (AUD).
The capital raising follows major advances in the development
of GMEL's core asset; the Kvanefjeld multi