REG - GreenX Metals Ltd - Share Placing

GreenX MetalsAnnouncement

13/07/2023 07:15

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RNS Number : 8750F  GreenX Metals Limited  13 July 2023

GREENX METALS LIMITED

NEWS RELEASE 13 JULY 2023

Share Placing

 

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to
announce that it has successfully completed a bookbuild and secured
commitments for 5.2 million new ordinary shares at a price of A$0.80 (41
pence) per share for gross proceeds of approximately A$4.2 million (~£2.1
million) from new and existing investors. (Placing).

Together with the Company's existing cash resources (A$8.7 million as at 30
June 2023), the proceeds of the Placing will help ensure that GreenX retains a
strong balance sheet position.

The net proceeds from the Placing will be used for exploration activities at
the company's projects in Greenland.

·      GreenX recently acquired the option (Option) to earn 100% of the
Eleonore North gold Project (Eleonore North or Project) which has potential to
host large scale, shallow, bulk tonnage gold deposits. The Project remains
underexplored, with the existence of a possible reduced intrusion-related gold
system being a relatively new geological interpretation based on the
historical data. The Company's Option vests upon GreenX spending A$600,000 on
exploration on the Project within 12 months and can be exercised in return for
a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000
payable in either cash or GreenX shares at GreenX's election.

 

·   The Arctic Rift Copper Project (ARC) is an exploration joint venture
between GreenX and Greenfields Exploration Ltd (Greenfields). GreenX can earn
80% of ARC by spending A$10 million by October 2026. ARC is targeting large
scale copper in multiple settings across a 5,774 km(2) Special Exploration
Licence in eastern North Greenland. The area has been historically
underexplored yet is prospective for copper, forming part of the newly
identified Kiffaanngissuseq metallogenic province.

The Company will issue the Placing shares under its capacity pursuant to ASX
Listing Rule 7.1.

Forward Looking Statements

This release may include forward-looking statements. These forward-looking
statements are based on GreenX's expectations and beliefs concerning future
events. Forward looking statements are necessarily subject to risks,
uncertainties and other factors, many of which are outside the control of
GreenX, which could cause actual results to differ materially from such
statements. GreenX makes no undertaking to subsequently update or revise the
forward-looking statements made in this release, to reflect the circumstances
or events after the date of that release.

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

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