Northern Minerals (ASX: NTU) continued to maintain project momentum for the Browns Range Project during the December quarter. With an EPC contract executed with Sinosteel MECC and approval of the Mining Proposal by the WA Government, the Company is well placed ahead of a Final Investment Decision in Q1 2017.
Northern Minerals (ASX: NTU; the Company) announces that the Subscription Agreement with Huatai Mining Pty Ltd (“Huatai Mining”) failed to complete by the agreed extension date of 31 January 2017.
To date, Huatai Mining has made payments to Northern Minerals totalling $19.5 million and has been issued 152,222,223 Ordinary shares, representing 22.59% of the issued capital. Mr Nan Yang has been appointed to the Northern Minerals board as a Huatai Mining representative.
Northern Minerals retains all rights under the Subscription Agreement.
