58 million Funding to take Northern Minerals to Completion of Feasibility Study at Browns Range
February 1, 2013 (Source: Northern Minerals) — Northern Minerals (ASX: NTU) is pleased to announce it has secured funding agreements to raise $58 million to advance its Browns Range Heavy Rare Earth (HRE) project in northern Australia to completion of a Feasibility Study.
The funding package comprises four components:
- Sale of a 16% stake in the Browns Range project to Australia Conglin International Investment Group Pty Ltd to raise $26 million, with an offtake agreement for an additional 20% of Browns Range production on commercial terms – subject to shareholder approval.
- Sale of the Northern Minerals Gardiner-Tanami gold assets to Australia Conglin International Investment Group Pty Ltd to raise an initial $2 million – subject to shareholder approval.
- A placement of 18,800,000 shares to sophisticated investors at 20c to raise $3.76 million.
- A rights issue, fully underwritten by Australia Conglin International Investment Group, for approximately $26.5m, which will be announced following completion of underwriting documentation.
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