Greenland Energy Company (NASDAQ: GLND) completed a $70 million public offering on April 29, 2026, selling 16.25 million shares of common stock, 1.25 million pre-funded warrants, and 17.5 million common warrants, according to a company statement.

The Houston-based energy exploration company sold each common share with one warrant at $4.00, while pre-funded warrants with one warrant were priced at $3.9999. The warrants carry a $5.00 exercise price, are immediately exercisable, and expire after five years. The warrants began trading on Nasdaq under the symbol "GLNDW."

ThinkEquity served as placement agent for the offering. The Securities and Exchange Commission declared the registration statement effective on April 27, 2026.

"This financing fully funds the execution of our exploration," said Robert B. Price, Chief Executive Officer. The company plans to use proceeds for equipment procurement, securing mill capacity for materials, and mobilizing resources for planned October 2026 drilling operations in Greenland's Jameson Land Basin.

Greenland Energy holds licenses covering approximately 2 million acres in East Greenland's Jameson Land Basin. The company plans to drill its first exploration well, OPW1, which targets what independent estimates suggest could contain up to 2.9 billion barrels of prospective resources.

The basin has remained undrilled despite decades of study. ARCO previously invested the equivalent of more than $275 million in current dollars evaluating the region, including acquiring 1,800 kilometers of seismic data and constructing airfield infrastructure that remains operational.

Independent resource estimates by Sproule ERCE indicate the licensed area contains up to 13 billion barrels of recoverable oil, though the company notes significant exploration risks and uncertainties in its filings.