Australian heavy rare earths producer Northern Minerals (ASX: NTU) has updated the market in relation to the Company’s $30 million placement (originally announced on 22 July 2019).
Further to recent updates in relation to the $30m Placement, the Company has received an additional $800,000 in subscription funds.
Accordingly, the Company has issued 12,903,226 fully paid ordinary shares to the relevant subscribers, all of which have been issued with shareholder approval for the purposes of Listing Rule 7.1 (obtained at the Company’s AGM on 13 November 2019).
The total amount raised to date under the $30m Placement is approximately $25.5 million (before costs).
The Company is working with the relevant subscribers and their representatives to progress payment of the remaining balance of approximately $4.5 million in subscription funds under the $30m Placement by 31 December 2019.