Northern Minerals Limited (ASX: NTU) has today issued 450,000,000 fully paid ordinary shares in the Company under Tranche 1 of the the Company’s A$22 million placement announced 20 April 2020.
The Company confirms that it has received a total of A$6 million in cash from the issue of 300,000,000 of these shares. Subscription funds of A$3 million in respect of the remaining 150,000,000 of these shares were paid directly to Yuzhen Ma on behalf of the Company by one of the investors in partial repayment of the amounts owing on the convertible notes issued on 26 June 2019 with an aggregate face value of A$7,500,000 pursuant to the subscription agreement announced on 23 April 2019 (A$7.5m Convertible Notes).
The remaining amounts owing on the A$7.5m Convertible Notes will be paid through the issue of 225,000,000 shares to Yuzhen Ma (or her nominee) under Tranches 2, 3 and 4 of the Placement subject to shareholder approval. Further detail will be set out in the Notice of General Meeting in relation to that approval, which will be released to ASX when that meeting is convened.