Greenland Minerals has raised $15 million to fund 100 per cent ownership of its Kvanefjeld project.

The company said the offer, 50,000,000 shares at 30 cents per share and 25,000,000 free attaching options, was over-subscribed, resulting in scaled back applications.

Funds raised will be used to finalise the move to 100 per cent ownership of the Kvanefjeld project in southern Greenland, and for general working capital.

The capital raising follows major advances in the development at the Kvanefjeld multi-element project, which contains heavy and light rare earth elements and uranium.