The funding was raised from undisclosed Australian institutions and was priced at A12c per share. The stock (ASX: GGG) traded between 14-15c this week, capitalising the company at A$165-170 million.
Greenland Minerals is up about 300% since March, with rare earths taking centre stage in resource sector equity markets for a period earlier this year as trade tensions saw the threat of China withdrawing supply from global end-user markets. Its major shareholder Shenghe Resources is an integrated Chinese rare earths producer.
Greenland Minerals' Kvanefjeld project is "centred on a multi-billion tonne outcropping ore seam" that could cost US$550 million to develop.
A key advantage of the project, according to its owner, is the non-refractory nature of the minerals at Kvanefjeld, giving it a processing advantage that represents a "seismic shift".
Greenland Minerals formally lodged a mining licence application last month.