Greenland Mines Raises $17M at $13/Share, Total Week's Capital Tops $59M
GRML has more than doubled off its 52-week low of $2.82.
Summary
Greenland Mines raised over $17 million in a registered direct offering at $13.00 per share, bringing total capital raised over the past week to over $59 million. This follows the $38.4 million direct offering priced at $12.00 on September 23, indicating strong demand from existing shareholders at an above-market price. The financing substantially utilizes the remaining shelf capacity and strengthens the balance sheet for exploration and development programs. The company also added two experienced mining directors, Blair Jordan and Peter Love, to its board. The capital raise and board additions come as the company works to address going concern doubts and Nasdaq delisting concerns.
At the time of this announcement, GRML was trading at $10.68 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $104.6M. The 52-week trading range was $2.82 to $36.99. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.