Greenland Mines jumps after $38 mln direct stock offering
GRML•Recent share performance and backdrop
Last week, the US, Denmark and Greenland signed a security pact to expand US military presence in Greenland.
GRML is down about 22.6% year to date, as of the last close.
Offering expected to raise $38.4 million net
The offering to institutional investors is expected to raise about $38.4 million in net proceeds.
The company said the proceeds will be used for Greenland mining operations, working capital and general corporate purposes.
Shares jump after registered direct offering
Shares of Greenland Mines GRML.O rose 27% to $14.2 in premarket trading.
The stock was set to open at its highest level in three months, if premarket gains hold.
GRML sold 3.2 million shares and pre-funded warrants in a registered direct offering priced at $12 per share.
