Greenland Minerals and Energy Ltd (ASX:GGG) has received another vote of confidence as 3.92 million options were exercised at 8 cents, resulting in $314,149 for the company.
This option exercise follows other recent exercises of 750,000 options on 4 September 2018 and 816,258 options on 28 August 2018.
All three of the recent option exercises have been at an 8 cent strike price, which is only a slight discount to the current 8.2 cent strike price.
Options are regularly exercised at a significant discount to the share price so these option exercises are a show of confidence in the company.
The company continues to advance the development of its flagship Kvanefjeld Project in Greenland.
Most recently, Greenland lodged an environmental impact assessment (EIA) for Kvanefjeld.
This comes after extensive reviews by Greenland’s Environmental Agency for Mineral Resource Activities (EAMRA) and its advisory bodies since the draft EIA was submitted in late 2015.
The EIA will be reviewed in parallel with undergoing translation into Greenlandic and Danish in preparation for a consultation period.
Recently, the company also signed a non-binding memorandum of understanding (MoU) related to off-take from Kvanefjeld.
The MoU was with major shareholder and strategic partner Shenghe and established a framework to enter future binding agreements.
The MoU covers two key areas; (1) product off-take and marketing of rare earth products produced from Kvanefjeld, and (2) strategic development execution.