Australian heavy rare earths producer, Northern Minerals Limited (ASX: NTU) has received further funds of $3.5 million as part of Tranche 1 of the previously announced $20 million placement. The Company has now received total funds of $7.0 million as part of Tranche 1.
Australian heavy rare earths producer, Northern Minerals Limited (ASX: NTU) has received further funds of $3.5 million as part of Tranche 1 of the previously announced $20 million placement.
The Company has now received total funds of $7.0 million as part of Tranche 1.
The remaining funds for Tranche 1 are due before 31 March 2019. The shares 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.