Greenland Mines slides after second direct stock deal in a week
GRML•Greenland Mines shares fell 10.4% to $10.62 before Tuesday’s market open after the company sold 1.32 million shares at $13 each in a registered direct offering, generating about $17.2 million in net proceeds.
1. Latest share offering
Greenland Mines said late Monday it sold 1.32 million shares at $13 each to institutional investors in a registered direct offering, for about $17.2 million in net proceeds. The company intends to use the proceeds for its Greenland mining operations, general corporate purposes and working capital.
2. Second deal in a week
Last Wednesday, the company sold 3.2 million shares, including pre-funded warrants, at $12 each in a direct offering that generated $38.4 million. After the latest offering, Greenland Mines will have about 13.3 million shares outstanding, according to its prospectus filing.
3. Recent share performance
Greenland Mines shares ended Monday down about 19% at $11.85, were off 18% year to date and had fallen about 48% over the past 12 months. The stock hit an intraday record low of $2.82 on September 18.
