Greenland Mines Ltd. has entered into a securities purchase agreement with institutional investors to sell 1,320,000 shares of its common stock. The direct registered offering is expected to close on or about September 29, 2026, subject to customary closing conditions.
Under the terms of the agreement, the Company will issue the Shares pursuant to an effective registration statement on Form S-3 (File No. 333-288533) filed with the SEC on July 7, 2025. The net proceeds to Greenland Mines are expected to be approximately $17.2 million, after estimated offering expenses.
The Company stated it intends to use the net proceeds, together with its existing cash and cash equivalents, for its Greenland mining operations, general corporate uses, and other working capital purposes.
In related news, the Company terminated its Sales Agreement with A.G.P./Alliance Global Partners on September 23, 2026. The termination was executed as of right. Under the previous agreement, A.G.P. was authorized to sell up to $50,000,000 of the Company’s common stock in an "At the Market" program. A total of $1,388,827.04 of common shares were sold pursuant to that agreement, and the Company has no further obligations or liability under it.
