Key Highlights
- AnorTech closed a final share exchange with Greenland Mines, lifting Greenland Mines’ stake to about 19.9%.
- Greenland Mines received 25,168,669 AnorTech shares, valued at about US$5.4 million (C$7.6 million).
- The AnorTech shares issued carry a 60-month lock-up; AnorTech’s Greenland Mines shares have 12- and 24-month lock-ups.
AnorTech Inc. (TSXV: ANOR; OTCQB: ANORF) said it has closed the second and final share exchange with Greenland Mines Ltd. under a share exchange agreement dated June 15, 2026. The company described the closing as the final step of a strategic investment that brings Greenland Mines’ ownership of AnorTech to approximately 19.9%.
Under the second transaction, Greenland Mines acquired 25,168,669 common shares of AnorTech in exchange for 1,133,268 common shares of Greenland Mines with a deemed value of approximately US$5,402,393 (C$7,550,600). AnorTech said Greenland Mines now holds a total of 45,127,172 AnorTech shares, while AnorTech holds 1,451,268 Greenland Mines shares, which it valued at about US$5.6 million (C$7.7 million) based on current market value.
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AnorTech said the Option Shares were purchased at C$0.30 per share, which it described as the greater of C$0.30 and the last closing price before the option was exercised. The company said the consideration was satisfied through the issuance of Greenland Mines shares based on the 10-day volume-weighted average trading price of Greenland Mines shares on Nasdaq as of the trading day immediately before closing.
The AnorTech shares issued to Greenland Mines are subject to a contractual lock-up period of 60 months from the date of issuance, AnorTech said. It added that one-half of the Greenland Mines shares issued to AnorTech are subject to a 12-month lock-up, with the remaining half subject to a 24-month lock-up.
AnorTech said the transaction did not involve any non-arm’s length parties, did not constitute a related party transaction under Multilateral Instrument 61-101, and did not include any finder’s fees.
AnorTech describes itself as the 100% owner of the Gronne Bjerg anorthosite project in Greenland, located about 80 km northeast of Nuuk.
The original press release is available on stockhouse.com
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