.Greenland Mines Ltd. has completed its previously announced investment to increase its ownership of AnorTech Inc., giving the company a larger stake in the development of materials produced from Greenland anorthosite.
In a November 9 announcement, Greenland Mines said the transaction closed on November 6. The company acquired 25,168,669 additional AnorTech common shares from treasury at a deemed price of C$0.30 per share, representing total consideration of approximately C$7.55 million.
The consideration was paid through the issuance of 1,133,268 Greenland Mines common shares to AnorTech. Following the closing, Greenland Mines holds 45,127,172 AnorTech shares, equal to approximately 19.9% of the company’s issued and outstanding shares, up from approximately 9.9% before the transaction.
The newly acquired AnorTech shares are subject to a 60-month contractual lock-up.
The closing completes the investment previously disclosed by the companies and expands Greenland Mines’ exposure to AnorTech’s work developing alumina and other materials from Greenland anorthosite. Greenland Mines also holds the Skaergaard precious-metals project in southeast Greenland and the Sarfartoq rare-earths project in southwest Greenland.
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