Greenland Mines Doubles AnorTech Stake to 19.9% in US$5.3 Million Share Swap

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Summary · why it matters

Greenland Mines Ltd. has exercised in full its option to acquire an additional 25,168,669 common shares of AnorTech Inc. at a deemed price of C$0.30 per share, doubling its ownership from approximately 9.9% to approximately 19.9% of AnorTech's issued and outstanding common shares. In exchange, Greenland Mines will issue common shares with a deemed value of approximately US$5,298,000, or C$7,550,600, to AnorTech, with the exact number based on the 10-day volume-weighted average trading price ending immediately before closing. On closing, Greenland Mines will hold 45,127,172 AnorTech shares, subject to a 60-month contractual lock-up, while the Greenland Mines shares issued to AnorTech will be locked up as to one-half for 12 months and the remaining one-half for 24 months. AnorTech currently owns 318,000 shares of Greenland Mines from previous transactions, and closing remains subject to customary conditions including acceptance by the TSX Venture Exchange. AnorTech President Jim Cambon called the full exercise a strong endorsement of the company's Greenland anorthosite work in the aluminum critical mineral supply chain and lunar project development, while Greenland Mines President Bo Møller Stensgaard said the doubled position gives its shareholders exposure to zero-waste smelter grade alumina and high purity alumina on Earth and to lunar materials science.

Impact on assets 2

Biotech & Genomic Medicine▲ · 1 stocks
Greenland Mines Ltd
GRML
▲ PositiveCapitalrelevance

Greenland Mines doubles its AnorTech stake to 19.9% via a US$5.3M share swap, a financial/M&A transaction.

Critical Materials & Supply Chain▲ · 1 stocks

Off-coverage companies 1

AnorTech Inc.Private▲ Positive
Capitalrelevance

AnorTech receives ~US$5.3M in Greenland Mines shares as Greenland Mines fully exercises its option, a financing/equity event.

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