Greenland Mines Ltd (GRMLW) SEC Filings

Greenland Mines Ltd (GRML) entered into agreements with institutional investors for a registered public offering of its equity securities. The company agreed to sell 1,632,783 shares of common stock and pre-funded warrants exercisable for up to 2,367,517 shares of common stock. The public offering price is $5.00 per share of common stock or $4.9999 per pre-funded warrant, with each pre-funded warrant exercisable for one share at an exercise price of $0.0001 and expiring when exercised in full.

The company expects gross proceeds of approximately $20 million and net proceeds of approximately $18.5 million after placement agent fees and expenses. Greenland Mines currently intends to use the net proceeds, together with existing cash and cash equivalents, to complete its acquisition of the Sarfartoq Nd-Pr Rare Earth Element Project and for working capital and other general corporate purposes. The offering is expected to close on or about August 27, 2026, subject to customary closing conditions, and is being conducted under an effective shelf registration statement on Form S-3. The company also agreed to a 30-day restriction on issuing additional common stock or convertible securities after closing.

Greenland Mines Ltd (GRML) is conducting a best-efforts primary offering of up to 4,000,000 shares of common stock and/or Pre-Funded Warrants at a public offering price of $5.00 per share and $4.9999 per Pre-Funded Warrant, for maximum gross proceeds of $20 million and estimated net proceeds of $18.6 million before expenses if fully sold. The company intends to use up to $18 million of the net proceeds, together with existing cash, to complete the acquisition of mineral rights for the Sarfartoq project under its merger agreement with Neo North Star Resources, with any remainder for working capital.

Each Pre-Funded Warrant is exercisable immediately for one share at an exercise price of $0.0001, does not expire, and includes a beneficial ownership cap of 4.99% (or 9.99% at the holder’s election). There is no minimum offering amount or escrow, so fewer than all securities may be sold and proceeds will be available for immediate use. Following the offering, assuming all Pre-Funded Warrants are exercised, common shares outstanding would be 7,177,013, up from 3,177,013 as of June 30, 2026. Effective August 24, 2026, the company implemented a 1-for-50 reverse stock split, and it also has a separate $50 million ATM program in place.

Greenland Mines Ltd (GRML) is conducting a primary best‑efforts offering of common stock and/or non‑expiring Pre‑Funded Warrants, with A.G.P./Alliance Global Partners acting as sole placement agent and no minimum amount required to close. The warrants are priced just below the share price and carry a de minimis $0.0001 exercise price, with 4.99% or 9.99% beneficial ownership caps.

The company intends to use net proceeds, together with existing cash, to fund up to $20 million of the cash portion of its $35 million acquisition of Neo North Star Resources’ Sarfartoq mineral rights and for working capital. GRML recently completed a 1‑for‑50 reverse stock split and has an at‑the‑market program of up to $50 million. As of August 24, 2026, it had 3,177,013 common shares outstanding, plus significant warrants, options and convertible preferred shares that could add substantial future dilution, and it remains subject to Nasdaq minimum bid‑price compliance risk.

Greenland Mines Ltd (GRML) reported that its Chief Financial Officer, Jeff LeBlanc, purchased 14,000 shares of common stock on 2026-08-25 in an open-market or private transaction at $9.72 per share. Following this purchase, LeBlanc directly holds 110,406 shares of Greenland Mines common stock. The transaction was not reported as made under a Rule 10b5-1 trading plan.

Greenland Mines Ltd. (GRML) entered into a Sales Agreement with A.G.P./Alliance Global Partners to establish an at-the-market equity offering program. Under this ATM facility, the company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $50,000,000 through or to A.G.P., acting as sales agent or principal.

The shares are registered under Greenland Mines Ltd.’s effective shelf registration statement on Form S-3 (File No. 333-288533) and will be offered using a base prospectus and an ATM prospectus supplement dated August 24, 2026. A.G.P. will use commercially reasonable efforts to sell the shares and will receive a commission of up to 3.0% of the aggregate gross sales price per share, plus reimbursement of reasonable documented expenses.

The company has no obligation to sell any shares and may suspend offers at any time. Net proceeds from any ATM sales are intended for working capital and general corporate purposes. The ATM program will terminate upon sale of all registered ATM shares, expiration of the registration statement, or earlier termination under the agreement.

Greenland Mines Ltd (GRML) has launched an “at the market” equity program to sell up to $50,000,000 of common stock through A.G.P./Alliance Global Partners as sales agent or principal under an effective shelf registration.

Shares of GRML last traded at $10.14 on Nasdaq on August 21, 2026. The company has 3,177,013 shares outstanding as of August 14, 2026 and projects up to 8,107,979 shares outstanding if the full program is sold at $10.14, which would be dilutive to new investors as detailed in the dilution analysis.

Greenland Mines operates a dual business: an 80% interest in the Skaergaard mining project in Greenland with 11.4 Moz PdEq Indicated and 14.1 Moz PdEq Inferred resources, and a biotech division developing α-Klotho-based gene therapies. It has also agreed to acquire Neo North Star Resources for $35,000,000, consisting of $20,000,000 in cash and $15,000,000 in stock, subject to regulatory approvals. Net proceeds from the ATM are intended for working capital and general corporate purposes.

Greenland Mines Ltd (GRML) reports as a dual‑segment company, combining its legacy Biotech R&D programs (including ALS candidate KLTO‑202) with a new Mining segment focused on the Skaergaard palladium‑gold‑platinum project in southeast Greenland, where it now holds an 80% indirect interest.

In March 2026 it acquired Greenland Mines Corp. in an asset acquisition, recording $48.4 million of mineral exploration rights and licenses, and in June invested $3.68 million in AnorTech Inc. via a share exchange. Intangible assets rose to $48.7 million, driving total assets to $65.0 million as of June 30, 2026.

Operations remain pre‑revenue. The company recorded a six‑month net loss of $17.5 million (vs. $6.3 million a year earlier), including $17.0 million in operating and segment expenses and a $2.0 million biotech intangible impairment. Operating cash outflow was $11.8 million; cash was $9.3 million, supported by $14.8 million of equity financings year‑to‑date.

Management discloses substantial doubt about the company’s ability to continue as a going concern without additional capital and notes an ongoing Nasdaq minimum bid‑price deficiency, with possible use of a stockholder‑approved reverse split to aid compliance. Skaergaard and other mineral properties remain non‑producing, with Mineral Resources but no SEC‑defined Mineral Reserves.

Greenland Mines Ltd (GRML) filed an amended quarterly report for the three months ended March 31, 2026, reflecting a strategic pivot from pure biotech to a dual focus on biotechnology and mining. The company completed an asset acquisition of Greenland Mines Corp., recording $48.4 million of mineral rights and exploration licenses related to the Skaergaard Project in Greenland and issuing 47,940 Series C preferred shares as consideration.

The company remains pre-revenue and reported a widened net loss of $13.9 million versus $2.1 million a year earlier, driven by sharply higher general and administrative expenses, professional fees, $5.1 million of share-based compensation, a $2.0 million impairment of biotech-related intangible assets, and a $2.3 million increase in warrant liability fair value. Cash and cash equivalents were $10.0 million, supported by $7.75 million of private placement proceeds, but operating cash outflows were $5.0 million.

Management discloses an accumulated deficit of about $35.0 million and states there is substantial doubt about the company’s ability to continue as a going concern without additional financing. Nasdaq has granted an extension until September 14, 2026 to regain the $1.00 minimum bid price. Material weaknesses in internal control over financial reporting, including inadequate accounting resources and segregation of duties, remain unresolved. The amendment primarily revises disclosures around mineralization estimates and certain MD&A discussions in response to SEC staff comments.