Australian heavy rare earths producer Northern Minerals (ASX: NTU) has now received in full the first $10 million funds comprising Tranche 1 of its previously announced $20 million placement. The remaining funds for tranches 2 and 3 (comprising $5 million each) are due by April 30 and May 31 respectively.
Australian heavy rare earths producer, Northern Minerals Limited (ASX: NTU) (the Company) is pleased to announce that, as per the previously announced $20 million placement (see ASX announcement 18 March 2019), the Company has now received in full the first $10 million funds comprising Tranche 1.
The remaining funds for Tranches 2 and 3, comprising $5 million each, are due on or before 30 April and 31 May respectively.
The shares have been or will be issued to various sophisticated investors out of the Company’s existing placement capacity under Listing Rule 7.1.
Funds raised from the issue of the shares will be utilised for working capital purposes and exploration.
