Australian heavy rare earths producer Northern Minerals (ASX: NTU) has received two-thirds of its $3 million capital raising. The company said today it had received $2 million under its subscription agreement with Liu Xiaohua, while the remaining $1 million is due to be received shortly.
Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) (the Company) is pleased to announce that it has received $2 million in relation to the subscription agreement with Liu Xiaohua announced on 1 February 2019. The remaining $1 million is due shortly.
The full placement is for 50,000,000 fully paid ordinary shares in the Company at an issue price of A$0.06 per share to raise A$3 million (before costs).
The shares will be issued to Liu Xiaohua out of the Company Listing Rule 7.1A. Shareholder approval will not be required for this issue of shares, however, the Company may seek to ratify the issue at future general meetings.
These funds from the issue of the shares will be utilised for ongoing working capital purposes.
