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GREENLAND MINERALS LIMITED

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Greenland Minerals and Energy Limited : GMEL Completes Capital Raising and Launches Share Purchase Plan

10/01/2012 | 04:53am EDT

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


ę Publicnow 2012
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Financials
Sales 2020 0,16 M 0,12 M 0,12 M
Net income 2020 -3,08 M -2,33 M -2,33 M
Net cash 2020 36,0 M 27,2 M 27,2 M
P/E ratio 2020 -102x
Yield 2020 -
Capitalization 141 M 107 M 107 M
EV / Sales 2019 2 293x
EV / Sales 2020 2 018x
Nbr of Employees 28
Free-Float 81,4%
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Managers and Directors
NameTitle
John Lefroy Mair Managing Director & Executive Director
Miles Simon Guy Chief Financial Officer & Secretary
Peng Ho Non-Executive Chairman
Simon Kenneth Cato Non-Executive Director
Xiaolei Guo Non-Executive Director
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