Greenland Mines slides after second direct stock deal in a week

Greenland Mines

29/09/2026 12:52

** Shares of Greenland Mines GRML.O fall 10.4% to $10.62 before the bell on Tues after second equity raise in a week
** GRML late Mon revealed it sold 1.32 mln shares at $13 to institutional investors in registered direct offering for ~$17.2 mln net proceeds
** It intends to use proceeds for Greenland mining operations, general corporate and working capital purposes
** Last Weds, GRML sold 3.2 mln shares, including pre-funded warrants, at $12 in direct offering for $38.4 mln proceeds to fund its mining operations
** Following this latest offering, GRML will have ~13.3 mln shares outstanding, per the prospectus filing 
** After markets closed on Sept 18, the US, Denmark and Greenland inked a security agreement to expand US military footprint in Greenland
** GRML shares ended down ~19% at $11.85 on Mon, off 18% YTD and ~48% over the past 12 months; stock hit an intraday record low of $2.82 on Sept 18

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))