Shares of Greenland Mines Ltd fell 26.2% in after-hours trading on Tuesday after the company announced plans for a public stock offering to fund acquisitions and working capital.
The proposed offering, led by sole placement agent A.G.P./Alliance Global Partners, involves the sale of common stock or equivalents by the company itself. Net proceeds, together with existing cash reserves, are earmarked for the acquisition of the Sarfartoq neodymium-praseodymium rare earth project in southwest Greenland, as well as working capital and general corporate purposes.
The company’s mining division operates two key projects: the Skaergaard Project in southeast Greenland and the Sarfartoq Nd-Pr rare earth project. Greenland Mines also maintains a biotech division focused on the KLTO-202 program for ALS treatment.
The offering remains subject to market and other conditions, with no guarantees on completion timeline, size, or final terms. The announcement followed the stock’s close and preceded the after-hours decline.
