Greenland raises $10M

THOSE looking for proof the market is hot for development prospects need look no further than junior Greenland Minerals and Energy, which has just closed an oversubscribed placement to raise a cool A$10.25 million in its decade-long quest to develop the unique Kvanefjeld rare earth project.

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GGG worked with local communities at Kvanefjeld to establish drilling teams and other areas of local participation

The placement, which was backed by funds in Hong Kong, Singapore and Australia, was also supported by major shareholder Shenghe Resources, which is maintaining its 12.5% stake by spending $1.

 

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