Northern Minerals Limited (ASX: NTU) has raised AU$25 million through a successful placement to institutional and sophisticated investors at a rate of AU$0.030 per share. The funding will be utilized to advance the Browns Range Project, targeting a final investment decision in the first half of 2024. The company plans to allocate the proceeds for critical minerals grant development programs, Browns Range site and exploration costs, finalizing the definitive feasibility study, initial early works development, and other working capital requirements.
The placement is a significant step for Northern Minerals in transitioning from an exploration firm to a mining development company, poised to supply dysprosium and terbium concentrate that will support the global electrification transition. The issuance of 833,333,334 new fully paid ordinary shares is expected to settle on September 5, 2023, with trading commencing on September 6, 2023.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
