Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) has received a further $1 million in relation to the subscription agreement with Liu Xiaohua announced earlier this month. The remaining $1 million is due shortly.
Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) has received a further $1 million in relation to the subscription agreement with Liu Xiaohua announced earlier this month.
The remaining $1 million is due shortly. The full placement is for 60,000,000 fully paid ordinary shares in the Company at an issue price of A$0.05 per share to raise A$3 million (before costs).
The shares will be issued to Liu Xiaohua out of the shareholder approval from the General Meeting held on 26 February in resolution 11.
These funds from the issue of the shares will be utilised for ongoing working capital purposes. An Appendix 3B will follow this announcement once the respective shares have been issued.
