Australian heavy rare earths developer Northern Minerals (ASX: NTU) has received the final $1 million outstanding from its recently announced $3 million subscription agreement with Liu Xiaohua. The funds from the share issue will be used for ongoing working capital needs.
Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) (the Company) is pleased to announce that it has received the final $1 million in relation to the subscription agreement with Liu Xiaohua announced on 1 February 2019.
The full placement is for 50,000,000 fully paid ordinary shares in the Company at an issue price of A$0.06 per share to raise A$3 million (before costs).
The shares will be issued to Liu Xiaohua out of the Company’s existing placement capacity under Listing Rule 7.1A. Shareholder approval will not be required for this issue of shares, however, the Company may seek to ratify the issue at future general meetings.
These funds from the issue of the shares will be utilised for ongoing working capital purposes.
