Anortech Closes Final C$7.55 Million Share Exchange Nasdaq-Listed Greenland Mines Now Holds 19.9%
Pursuant to the Agreement, with this second investment transaction, Greenland Mines has acquired 25,168,669 common shares ( “Option Shares” ) in the capital of AnorTech (each an“ AnorTech Share”), in exchange for 1,133,268 common shares (each a“ Greenland Mines Share”) in the capital of Greenland Mines with a deemed value of approximately US$5,402,393 (C$7,550,600). This brings the total AnorTech shares held by Greenland Mines to 45,127,172 and AnorTech now holds 1,451,268 shares of Greenland Mines representing a current market value of approximately US$5.6 million (C$7.7 million).
Under the terms of the Agreement, the Option Shares were purchased by Greenland Mines at a price per share of C$0.30, which was equal to the greater of: (i) C$0.30, and (ii) the last closing price prior to the Option being exercised, with consideration to be satisfied through the issuance of Greenland Mines Shares based on the 10-day volume-weighted average trading price of the Greenland Mines Shares on the Nasdaq as at the trading day immediately preceding the closing date of the exercise of the Option.
The AnorTech Shares issued to Greenland Mines are subject to a contractual lock-up period of 60 months from the date of issuance. One-half of the Greenland Mines Shares issued to AnorTech are subject to a contractual lock-up for 12 months from the date of issuance and the remaining one-half of the Greenland Mines Shares are subject to a contractual lock-up for 24 months from the date of issuance. The transaction does not involve any Non-Arm's Length Parties, does not constitute a related party transaction under MI 61-101, and does not involve the payment of any finder's fees.
Jim Cambon, President of AnorTech, commented:“Closing this final exchange is a major milestone for AnorTech. Greenland Mines has now built a 19.9% stake in our Company and agreed to hold those shares for five years, a strong vote of confidence in Gronne Bjerg and in our vision for sustainable, zero-waste alumina, CO2 free cement and lunar products. We believe our holding in Greenland Mines gives AnorTech shareholders valuable exposure to a growing Greenland critical minerals platform, along with greater visibility among U.S. investors. We're excited to work side by side with the Greenland Mines team to accelerate the advancement of our Greenland assets.”
About Greenland Mines
Greenland Mines Ltd. is a Nasdaq-listed critical and precious minerals development company advancing a portfolio of strategic assets in Greenland. Greenland Mines' strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and selected midstream processing opportunities, while advancing its broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure.
About AnorTech Inc.
AnorTech is pioneering the next generation of sustainable materials from anorthosite. The Company owns 100% of the Gronne Bjerg anorthosite project in Greenland – strategically located just 80 km northeast of Nuuk, the capital of Greenland, on open tidewater and adjacent to significant hydroelectric potential.
AnorTech is advancing multiple product lines towards commercialization, including:
- Zero-waste Smelter Grade Alumina (SGA) and High Purity Alumina (HPA) Next generation alumina-based catalysts for CO2 capture CO2-free refractory cement and advanced 3D-printable cement Lunar construction materials using anorthosite-based concrete
The Company filed a U.S. provisional patent in 2025 to protect its proprietary sustainable SGA and HPA process (see NR2025-01) and shipped 15 tonnes of Gronne Bjerg anorthosite to Ontario in preparation for pilot plant testing. AnorTech is actively pursuing strategic industry partnerships to accelerate commercialization. AnorTech has approximately $3 million in working capital.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Cambon”
President and Director
For further information:
Ph: 778-373-2164
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. The Company uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the expected benefits of the strategic relationship between AnorTech and Greenland Mines. Such forward-looking statements are based on a number of assumptions of management, including, without limitation; that the strategic relationship will provide both parties with the expected benefits; and that market conditions will remain favorable for critical metals projects and alumina technologies. Many factors could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors include, among other things: adverse market conditions; general economic, market or business risks; unanticipated costs; the failure by either or both parties to realize the expected benefits of the strategic relationship; changes in demand for critical minerals or alumina; and the risks and uncertainties described in the Company's most recent Management Discussion & Analysis for the interim period ended June 30, 2026, which can be accessed at the Company's profile on . This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
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