Australian heavy rare earths developer, Northern Minerals Limited (ASX: NTU) is pleased to announce that it has once again increased the maximum limit of its share purchase plan, to $15 million. The raising, which was announced in December, was originally anticipated to be capped at $5 million, but after continued strong demand was increased to $10 million in January. The additional funds will be used to accelerate development at Browns Range.
· Applications received for >$10 million;
· Board ratifies increase in Offer to $15 million;
· Closing date 5pm AWST on Friday 12 February;
· SPP open to all shareholders as at Record Date of 22 December 2017;
Australian heavy rare earths developer, Northern Minerals Limited (ASX: NTU) (the Company) is pleased to announce that the Board has resolved to increase the maximum limit of the Share Purchase Plan (SPP) to $15 million (Increased Limit).
The Increased Limit follows strong demand from existing shareholders after the recent announcements regarding the project enhancement initiatives and increased exploration for Browns Range.
So far, the Company has received valid applications totalling in excess of $10 million, well exceeding the initial expectations for the raise.
The additional funds will be used to accelerate the project enhancement initiatives at Browns Range including downstream processing options and an increase in exploration, aimed at extending the potential mine life of the full-scale project from 11 years to >20 years.
The SPP is open to all shareholders of the Company as at the Record Date of 22 December 2017 and allows eligible shareholders to subscribe for up to $15,000 worth of shares at 7.8 cents per share.
Shareholders who have applied for allocations of either $5,000 or $10,000 worth of shares have the ability of increasing their allocation up to $15,000 before the new Closing Date.
Northern Minerals shares closed at 9.9 cents as at the close of trading on Thursday 1st February 2018. Eligible shareholders can click on the following link to request their personal application form: http://www.northernmineralsspp.com.au/INVESTMENT/NorthernMinerals.aspx
Northern Minerals’ Managing Director and CEO, George Bauk, commented “The strong demand from shareholders and the additional funds raised means that we will be able to accelerate all of the enhancement initiatives recently announced and allow existing shareholders to participate in the upside of the company.”
“We once again thank shareholders for their ongoing support.”