Greenland Mines Prices $20 Million Offering of 4 Million Shares Two Days After 1-for-50 Reverse Split

by Jonas Halvorsen · August 26, 2026

Companies Reporter, The MicroCap Herald

Greenland Mines Ltd. said Wednesday morning that it had priced a public offering of 4,000,000 shares of common stock, or common stock equivalents in lieu of shares, for aggregate gross proceeds of approximately $20 million before placement agent fees and other offering expenses. The figures come from a release the company issued at 8:00 a.m. ET on Aug. 26 through GlobeNewswire.

According to that release, A.G.P./Alliance Global Partners acted as sole placement agent, and the offering is expected to close on or about Aug. 27, subject to customary closing conditions. Both statements are the company's own; the binding terms of a takedown of this kind are set out in the prospectus supplement filed with the Securities and Exchange Commission rather than in a press release.

The version of the pricing release reviewed for this article did not disclose a per-share offering price, and no price per share is reported here. The company said the securities are being offered under a shelf registration statement on Form S-3, File No. 333-288533, which it said was filed on July 7, 2025 and declared effective on July 25, 2025, with a preliminary prospectus supplement filed with the SEC.

The size of the offering is best understood against the company's share count, which changed only two days ago. In a release dated Aug. 20, Greenland Mines announced a 1-for-50 reverse split of its issued and outstanding common stock, par value $0.0001 per share, to become effective at 12:01 a.m. ET on Aug. 24. That release put the pre-split count at approximately 158,850,637 shares and the post-split count at approximately 3,177,012 shares, subject to rounding for fractional shares.

On those two sourced numbers, the 4,000,000 shares being sold in this week's offering exceed the entire post-split share count that existed before it. Added together they produce roughly 7,177,012 shares, of which the newly offered shares would be about 56 percent. That percentage is this publication's own arithmetic on the two share counts above and is not a figure the company has reported. The calculation assumes the offering closes as described and treats any common stock equivalents as shares; the company has not published a post-closing capitalization table.

The Aug. 20 release also stated that the reverse split "will not affect the number of authorized shares of common stock." Holding the authorized total constant while cutting the outstanding count by a factor of 50 leaves a substantially larger pool of authorized but unissued shares available for future issuance, and this week's offering draws on that headroom.

The company said the split was "intended to bring the Company into compliance with Nasdaq's minimum bid price requirement for continued listing," and that the split could broaden the range of institutional investors able to consider an investment, because certain funds and institutions maintain policies restricting investments in lower-priced securities. Those are the company's stated reasons; the Aug. 20 release did not disclose the terms of any Nasdaq notification underlying the compliance effort.

Separately, and on the same day the split took effect, Greenland Mines filed a Form 8-K under Items 1.01 and 9.01 disclosing a Sales Agreement dated Aug. 24 with A.G.P./Alliance Global Partners. Under that agreement, according to the 8-K, the company may sell common stock "having an aggregate offering price of up to $50,000,000," with the agent entitled to a commission of up to 3.0% of the aggregate gross sales price per share sold.

An at-the-market facility of that kind fixes no share count and no price in advance; shares are sold into the market over time at prevailing prices. The $50 million ceiling is therefore an additional and open-ended source of potential dilution sitting alongside the $20 million offering priced on Wednesday, and the 8-K states that sales under the agreement may be made "if any" and that the company has no obligation to sell any shares under it. It does not report any sales as having occurred.

As for what the money is for, the pricing release said the company "currently intends to use the net proceeds from the offering to fund the acquisition of the Sarfartoq Nd-Pr Rare Earth Element Project, working capital and other general corporate purposes." That acquisition has not closed. The Aug. 20 release said the company had entered into a definitive agreement to acquire the Sarfartoq project and described planned field work as contingent on closing; it did not disclose a purchase price or the closing conditions.

Greenland Mines has funded at least one prior transaction with stock rather than cash. A Form 8-K filed June 22 under Items 1.01, 3.02 and 9.01 disclosed that the company issued 12,400,000 shares of common stock, a figure stated on a pre-split basis and equivalent, by this publication's conversion at the 1-for-50 ratio, to 248,000 post-split shares, to acquire 19,958,503 common shares of AnorTech Inc., which the filing described as approximately 9.9% of AnorTech's issued and outstanding common shares. The same filing disclosed a six-month option to acquire up to 25,168,669 additional AnorTech shares at a price per share equal to the greater of CAD$0.30 and the last closing price of AnorTech stock on the TSXV before exercise, payable in additional shares of company stock, with the issuance made in reliance on the Section 4(a)(2) exemption.

Several material items remain open. The offering had not closed as of publication, and closing conditions had not been detailed publicly. The Sarfartoq acquisition the proceeds are meant to fund had not closed either. The company's own forward-looking statement language in the Aug. 20 release flagged "risks related to the Company's ability to raise additional capital." Neither release disclosed the company's cash position. Definitive terms of the offering, including the per-share price, would ordinarily appear in the final prospectus supplement and in a subsequent current report.