On September 28, 2026, Greenland Mines Ltd. (the "Company") entered into agreements, including a securities purchase agreement (the "Purchase Agreement") with certain institutional investors, pursuant to which the Company agreed to sell and issue, in a direct registered offering (the "Offering"), an aggregate of 1,320,000 shares (the "Shares") of the Company’s common stock, par value $0.0001 per share ("Common Stock").

 

The net proceeds to the Company from the Offering are expected to be approximately $17.2 million, after estimated offering expenses payable by the Company. The Company currently intends to use the net proceeds from the Offering, together with its existing cash and cash equivalents, for its Greenland mining operations, general corporate uses and for other working capital purposes. Please see "Use of Proceeds" on page S-8 of the prospectus supplement.

  

The Offering is expected to close on or about September 29, 2026, subject to the satisfaction of customary closing conditions.

 

The Shares are being offered pursuant to the Company’s effective registration statement on Form S-3 (File No. 333-288533) filed on July 7, 2025 and declared effective on July 25, 2025 by the Securities and Exchange Commission (the "SEC") and a prospectus supplement and accompanying prospectus filed with the SEC.

 

The Purchase Agreement contains customary representations, warranties and agreements by the Company, conditions to closing, indemnification obligations of the Company and the investors party thereto, other obligations of the parties and termination provisions.

 

The foregoing descriptions of the Purchase Agreement is not complete and is qualified in its entirety by reference to the full texts of such document. The form of Purchase Agreement, is filed herewith as 10.1 to this Current Report on Form 8-K and are incorporated by reference herein.