Greenland Mines Ltd. filed a Form 8-K on September 23, 2026, disclosing the entry into a securities purchase agreement with institutional investors for a direct registered offering of common stock and pre-funded warrants expected to raise approximately $38.4 million in net proceeds.

Key Highlights

  • Offering size: The company agreed to sell 1,765,420 shares of common stock and pre-funded warrants exercisable for up to 1,434,580 additional shares.
  • Offering price: $12.00 per share of common stock or per pre-funded warrant.
  • Net proceeds: Approximately $38.4 million, after estimated offering expenses payable by the company.
  • Pre-funded warrant exercise price: $0.0001 per share, with each warrant expiring when exercised in full.
  • Intended use of proceeds: Greenland mining operations, general corporate uses, and other working capital purposes, together with existing cash and cash equivalents.
  • Expected closing: On or about September 24, 2026, subject to customary closing conditions.
  • Private warrant amendment: On September 21, 2026, the company amended private warrants issued March 2, 2026, changing the post-reverse split exercise price to $5.00 per share.

Greenland Mines Discloses Terms of September 2026 Capital Raise

According to the filing, Greenland Mines Ltd. (NASDAQ:GRML) entered into a securities purchase agreement on September 23, 2026, with certain institutional investors. Under the agreement, the company will sell 1,765,420 shares of common stock (par value $0.0001 per share) and pre-funded warrants covering up to 1,434,580 shares at a uniform price of $12.00 per share or per warrant. The pre-funded warrants carry an exercise price of $0.0001 per share and expire only upon full exercise.

The filing discloses that the offering is being made pursuant to the company's effective registration statement on Form S-3 (File No. 333-288533), filed July 7, 2025 and declared effective July 25, 2025, along with a prospectus supplement and accompanying prospectus filed with the SEC. The Purchase Agreement contains, according to the filing, "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 company notes that the foregoing descriptions are not complete and are qualified by reference to the full texts of Exhibits 4.1 and 10.1.

The filing also discloses that holders of pre-funded warrants are subject to a beneficial ownership cap of 4.99% of total outstanding common stock immediately after any exercise, or 9.99% at the holder's election, with the percentage adjustable but not to exceed 9.99%. Separately, the company reported that on September 21, 2026, it amended private warrants originally issued March 2, 2026, to set the post-reverse split exercise price at $5.00 per share. The filing was signed by Chief Executive Officer Joseph Sinkule.

What Was Disclosed

Greenland Mines disclosed a direct registered offering of shares and pre-funded warrants at $12.00 each, expecting approximately $38.4 million in net proceeds intended for Greenland mining operations and general working capital. The company also disclosed an amendment to previously issued private warrants.