Northern Minerals Limited: ACIIG Pays Additional Underwriting Instalment
August 16, 2013 (Source: Northern Minerals Limited) — Northern Minerals (ASX: NTU) advises that it has received a further $2 million in new funding from Australian Conglin International Investment Group (ACIIG) as part of ACIIG’s underwriting of the recently closed rights issue to raise approximately $26 million.
Under the terms of the underwriting and outcome of the rights issue, ACIIG will subscribe for an additional 10,000,000 shares priced at 20 cents per share. The remaining funds due to be paid by 16 September 2013 after which ACIIG will be issued with additional shares.
About Northern Minerals:
Northern Minerals Limited (ASX: NTU) is focused on development of rare earth elements (REE), with a large and prospective landholding in Western Australia and the Northern Territory. The Company’s flagship project is Browns Range, where it has a number of prospects with high value HRE in xenotime mineralisation. In particular, the mineralisation includes high levels of dysprosium and yttrium, which are in short supply globally and expected to be increasingly sought after as world economies stabilise and recent trends in urbanisation and technology diffusion, particularly in Asia, accelerate. Following outstanding results from its drilling and metallurgical programs in 2012, the Company has delivered its maiden JORC resource, advancing Browns Range toward production, using a relatively simple and low cost processing flowsheet to produce a high grade mixed Rare Earth oxide. Northern Minerals also has a HRE exploration program underway at the geologically similar John Galt project. For more information http://www.northernminerals.com.au/
Get our daily investorintel update
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>