Australian heavy rare earths developer, Northern Minerals Limited (ASX: NTU) (the Company) is pleased to announce that it has placed a further $2.5 million as part of a $10 million announced on 15 March 2017.
The private placement of 20,833,333 Ordinary shares at 12 cents per share was made to a group of sophisticated investors under Section 708 of the Corporations Act 2001.
The placement was made under ASX Listing Rule 7.1 and do not require shareholder approval.
Northern Minerals’ MD and CEO, George Bauk, commented “We continue to see positive support from investors as we develop the Browns Range Heavy Rare Earths Project in the East Kimberley. With mining progressing on site and fabrication underway in China for the processing plant, the project is on time and on budget.”