Australian heavy rare earths producer, Northern Minerals Limited (ASX: NTU), referring to its previous announcements on 15 August 2019, 6 February 2020, 13 February 2020 and 3 March 2020 regarding the $20 million Baogang Placement, has agreed with the Australian Foreign Investment Review Board (FIRB) to further voluntarily extend the statutory deadline for the Treasurer to make a final decision in relation to the transaction to 17 April 2020.
As a result, the Company has agreed to extend the condition precedent satisfaction deadline under the Baogang subscription agreement from 15 April 2020 to 17 April 2020 to factor in the new FIRB decision deadline. The Company is working with Baogang to progress completion of this transaction and will continue to keep the market informed as it receives further information from Baogang in relation to the status of outstanding approvals.
