Greenland Mines Ltd’s shares fell 26.2% in after-hours trading on Tuesday after the company announced plans for a public stock offering to fund the acquisition of its Sarfartoq neodymium-praseodymium rare earth project and other corporate needs.
The Toronto-based miner said it intends to offer shares of common stock or equivalents, with proceeds—combined with existing cash—to support the Sarfartoq Nd-Pr project acquisition, working capital, and general corporate purposes. The offering remains subject to market and other conditions, with no guarantee of completion or final terms.
Greenland Mines operates two primary divisions: a mining unit focused on the Skaergaard Project in southeast Greenland and the Sarfartoq rare earth project in southwest Greenland, alongside a biotech unit developing KLTO-202 for ALS treatment. The proposed equity issuance follows the company’s broader strategy to advance its rare earth and critical minerals portfolio amid elevated global demand for these resources.
