Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) has updated the market on its $22 million placement announced on 20 and 28 April 2020 and 1 July 2020.
The company refers to its announcements dated 20 and 28 April 2020 and 1 July 2020 in relation to the Company’s A$22 million placement (Placement) and confirms that on 22 July 2020 the Company issued 183,500,000 fully paid ordinary shares under the Placement to subscribers under the Placement (or their nominees).
The 183,500,000 shares issued relate to subscription funds received by the Company totalling A$3.67 million in respect of parts of the remaining tranches of the Placement.
Shareholder approval for the issue of shares under the Placement was obtained at the Company’s general meeting held on 18 June 2020. Please refer to the Notice of General Meeting released to ASX on 18 May 2020 for further detail.
The Company has agreed with the remaining subscribers that the balance of A$2.9 million in subscription funds (comprising the remainder of the Placement) will be due and payable on or before 31 July 2020.