Greenland Mines Ltd. says it has completed a $20 million public offering and expects to close its acquisition of the Sarfartoq rare earths project before September 1.
The financing provides the capital for the $20 million cash portion of the $35 million transaction. The remaining $15 million will be paid in Greenland Mines shares.
GreenlandEnergy.com reported on August 22 that Greenland had approved the transfer of Sarfartoq’s exploration license. At the time, Chief Financial Officer Jeff LeBlanc said the company expected to close the acquisition in time for its scheduled September field campaign.
Greenland Mines said Thursday that it plans to move directly into exploration work following completion of the acquisition.
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