Greenland Minerals Ltd (ASX:GGG) has received $554,913 as a result of 6.93 million options being exercised at 8 cents per share.
Notably, the options exercise price is a premium to the last traded price of 7.9 cents, which is a vote of confidence for the company and its future.
This is the fourth options exercise this month, bringing the total funds raised to over $1.4 million from the 8 cent option exercises.
READ: Greenland Minerals receives funds, directors also increase stake
Recently, Greenland Minerals received a share price forecast from Pitt Street Research of between 18 and 43 cents per share.
The company’s flagship Kvanefjeld Project in Greenland has a JORC 2012 resource of 1.01 billion tonnes grading 1.1% rare earth oxides (REO) with a substantial uranium resource of 593 million pounds as well as zinc.
READ: Greenland Minerals has price valuation range of 18-43 cents set by Pitt Street Research
Pitt Street analyst Stuart Roberts said in a new research report, “With the help of Shenghe Resources, a major Chinese rare earths player, we expect Greenland Minerals can move towards an updated feasibility study for the project in the next year or so, with the mine potentially starting up in 2021.”
READ: Greenland Minerals conducts site visit to optimise rare earths project design
Earlier this month, Greenland conducted several engineering studies during a site visit to Kvanefjeld.
The studies were part of a broader optimisation program that is designed to reduce civil works and maximise site-specific advantages.
Engineers from four companies participated, representing a multi-disciplinary cross-section of leading international experts, and strategies were developed to simplify project construction and reduce associated capital costs.