Heavy rare earths producer Northern Minerals (ASX: NTU) today announced that it has completed Tranche 1 of the placement announced on 16 February 2021, raising $20 million before costs.
The Company has today issued 408,163,267 fully paid ordinary shares to the subscribers, along with 153,061,226 free attaching unlisted options (with an exercise price of A$0.074 and an expiry date of three years from the date of issue).
Tranche 2 of the placement (which comprises the issue of 51,020,408 Options) is subject to shareholder approval.
In addition, a total of 179,000 Shares have been issued to Company personnel as a result of the exercise of performance rights which have vested. These Shares were issued under the exceptions contained in Listing Rule 7.2 and the issue was not subject to shareholder approval.
