Extension of GMEL - Rare Earth Metal Investing Company

Extension of GMEL - Rare Earth Metal Investing Company

Subiaco, Australia (prHWY.com) April 12, 2012 - Recently, the Rare Earth Metals Investing Company GMEL (Greenland Minerals and Energy Ltd) has managed to negotiate the extension of its settlement agreement with Rimbal/Westrip. Previously, it was announced on August 15th 2011 to the Australian Securities Exchange (ASX). When the agreement will be finalized Greenland Minerals and Energy Ltd will get the 100% possession of the Kvanefjeld multi-element project.

Of course, with this complete possession the company will be affecting the rare earth metals prices positively. The settlement date of the agreement has been shifted to June 15th, 2012. The terms remain as it was of the settlement.

The amount that was deposited over the settlement as a security has been adjusted and the rare earth metals investing company (GMEL) with the cash deposit of $5M (AUD) to swap with shares to the value of $3.5M as at the date of extension. The company keeps the authority to cancel the pay cash and shares if the shares' value is more than $4M at June 15th, 2012. The company has got back the remaining cash deposit of $3.5M and it has released the amount of $1.5m to the counterparties. From the total payable amount, $1.5m has been deducted.

Greenland Minerals and Energy Ltd is confident about its growth and position during the first half of 2012 and will achieve numerous milestones to lead it to the top. It is also confident about satisfying the requirements of the settlement of the agreement to satisfy the requirements of the settlement agreement keeping in mind terms that will be really beneficial for shareholders and rare earth metals prices for market also. The extension of the company will affect the rare earth metals investing positively.

###

Tag Words: rare earth metals

Categories: Industrial

Press Release Contact
Greenland Minerals and Energy Ltd

Unit 6, 100 Railway Road,

Zip Code: 6904

Phone: +61 8 9382 2322

Email Id: ggg_news@ggg.gl

Link To This Press Release:

URL HTML Code