Greenland Mines Ltd (GRML) Form 424B5 — Aug 24, 2026
Greenland Mines Ltd filed a 424B5 prospectus supplement establishing an at-the-market offering of up to $50,000,000 of common stock through A.G.P./Alliance Global Partners, with the agent earning a 3.0% commission on gross proceeds. Proceeds are earmarked for working capital and general corporate purposes. The same day, the company effected a 1-for-50 reverse stock split, with all share figures retroactively adjusted. Only 3,177,013 shares are currently outstanding, so full use of the ATM at the $10.14 last sale price would lift the count to as much as 8,107,979 shares — an increase of more than 150%.
Key figures
- Gross Proceeds
- 50000000
- Shares Outstanding
- 3177013
- Offering Type
- at-the-market (ATM) offering
- Last Sale Price
- $10.14 (Nasdaq, August 21, 2026)
- Agent Commission
- 3.0% of gross proceeds
- Prior AGPFees Paid
- $94,347 (July 2025 sales agreement)
- Reverse Split Ratio
- 1-for-50
- Merger Consideration
- $35,000,000 ($20,000,000 cash + $15,000,000 newly issued stock) for Neo North Star Resources
- Net Tangible Book Value
- $9.2 million ($2.91/share) as of June 30, 2026
- Post Offering Shares Up To
- 8107979
- Series CConvertible Shares
- 40800776
- Estimated Offering Expenses
- $140,000
- Immediate Dilution Per Share
- $2.36 at assumed $13.00 offering price
- Skaergaard Mineral Resource
- 11.4 Moz PdEq Indicated and 14.1 Moz PdEq Inferred (NI 43-101, November 2022); 80% interest
- Public Warrant Exercise Price
- $174.50
- Pro Forma Net Tangible Book Value
- $35.8 million ($8.78/share)
- As Adjusted Net Tangible Book Value
- $84.2 million
- Option Weighted Avg Exercise Price
- $24.50
- Assumed Offering Price For Dilution
- $13.00
Price after filing
Close on the filing date to close N calendar days later (from $8.55). Historical, not a forecast.
AI analysis
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