Rare earths play Greenland Minerals kicks off raising

Rare earths developer Greenland Minerals was fronting funds on Monday morning for a cash injection to pay for final licensing requirements at its European resources project.

The company was looking for $30 million via a placement of new shares and was also undertaking a share purchase plan to raise up to $3 million, according to terms sent to funds.

The new shares were being offered to investors at 24¢ each, which represented a 17.2 per cent discount to Greenland's last close and an 18 per cent discount to its ten-day VWAP.

Canaccord Genuity was lead manager on the deal, while CPS Capital Group and Ashanti Capital were pitching in as co-managers. Bids were due by 8am on Tuesday.

Funds were told money would go towards licensing and permitting at the company's Kvanefjeld rare earths project in Greenland, as well getting a definitive feasibility study ready.