Klotho Neurosciences Acquires Greenland Mines Corp.
Klotho Neurosciences announces the acquisition of Greenland Mines Corp., a privately held Delaware corporation that controls an 80% interest in, and an option to acquire the remaining 20% of, the Skaergaard Project in Southeast Greenland - one of the largest and most significant undeveloped palladium, gold, and platinum deposits in the world. The company entered into a definitive merger agreement with Greenland Mines on March 3, and is closing the acquisition on March 4. Post-closing, Klotho's CEO and CFO will remain in place. The Greenland Mines leadership team, led by CEO Bo Moller Stensgaard, will join the management team to operate the Greenland Mining division, and one new Board member will be added. The company will now operate under two strategic operating divisions: (1) Natural Resources, focused on the exploration and development of the Skaergaard Project in Southeast Greenland; and 2) Cell and Gene Therapy, including Klotho's KLTO-202 primary indication for ALS. Full consideration for the transaction is payable in convertible preferred stock, the conversion of which is subject to shareholder approval. On an as-converted basis, Greenland Mines Corp. is expected to own approximately 93% of fully diluted shares outstanding. The transaction is expected to be treated as a reverse merger for accounting purposes. The company intends to change its name and stock ticker in late March. No action will be required by existing shareholders - shares held in brokerage accounts will be automatically updated to reflect the new symbol.
