Australian heavy rare earths producer, Northern Minerals Limited (ASX: NTU) has entered into subscription agreements to raise a further $15 million through the issue of shares and convertible notes, each to raise A$7,500,000 (before costs). The placement is for the issue of 150,000,000 fully paid ordinary shares at an issue price of $0.05 per share to a sophisticated investor in China.
Australian heavy rare earths producer, Northern Minerals Limited (ASX: NTU) has entered into subscription agreements to raise a further $15 million through the issue of shares and convertible notes, each to raise A$7,500,000 (before costs). The placement is for the issue of 150,000,000 fully paid ordinary shares at an issue price of $0.05 per share to a sophisticated investor in China.
The Convertible Note Subscription is for the issue of 7,500,000 convertible notes with a face value of A$1.00 per note to another sophisticated investor in China (or a nominee), subject to shareholder approval being obtained at a shareholders’ meeting to be held no later than 30 June 2019.