Greenland Minerals Acquires 39% Of Exploration License

Greenland Minerals and Energy Ltd (ASX:GGG) announced it will require the outstanding 39% of the exploration license that contains the Kvanefjeld, Sørensen and Zone 3 deposits.

As quoted in the press release:

In order to complete the acquisition GMEL was required under the original agreement (August 2011), to pay AUD $39M in cash to Westrip/ Rimbal, in addition to issuing 7,825,000 shares, and 5,000,000 options (ex $1.50).

Under the new equity-based terms, the cash component of the original agreement can be finalised through the payment of $5M AUD to Westrip/Rimbal, in addition to issuing sixty seven million ordinary shares in GMEL, priced at $0.45/share. The equity component of 7,825,000 shares from the original agreement remains, taking the total number of shares issued to complete the acquisition to 74,825,000. The agreement is subject to shareholder approval, with completion scheduled for 5 business days following approval.

Click here to read the Greenland Minerals and Energy Ltd (ASX:GGG) press release.