Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) has received the final tranche of $1 million under the subscription agreement with Liu Xiaohua announced at the start of the month. The funds will be used for ongoing working capital needs.
Australian heavy rare earths producer Northern Minerals Limited (ASX: NTU) has received the final tranche of $1 million under the subscription agreement with Liu Xiaohua announced on 1 March 2019 and has issued 20 million shares to Liu Xiaohua for that tranche.
The full placement for 60,000,000 fully paid ordinary shares in the Company to Liu Xiaohua at an issue price of A$0.05 per share to raise A$3 million (before costs) has now been completed. The 20,000,000 shares the subject of the final tranche were issued to Liu Xiaohua out of the shareholder approval from the General Meeting held on 26 February in resolution 11.
The funds received from this issue of the shares will be utilised for ongoing working capital purposes. The Company has also issued 20 million ordinary shares to Go & Company Limited pursuant to the consultancy arrangement announced on 4 March 2019. These shares have been issued under the Company’s authority under ASX Listing Rule 7.1. No funds were raised as a result of this issue.
