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Northern Manganese raises $300,000 to progress tenement approvals

Last updated: 11:40 21 Feb 2012 AEDT, First published: 10:40 21 Feb 2012 AEDT

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Northern Manganese (ASX: NTM) is raising A$300,000 through a share placement, with part of the money raised to support the ongoing political and legal management of approvals for the company’s tenements.

The company has placed 10 million shares at $0.03 each to sophisticated investors. Each share issued comes with one free attaching option exercisable at $0.06 and expiring on February 28, 2015.

Funds raised through the placement will go towards assembling the consultants and support team needed for the political and legal management of various approval processes for the tenements.

In addition, Northern will use the funds to accelerate research and exploration on existing tenements, undertake due diligence on existing and new project opportunities and complete financial modelling.

While the share placement falls within Northern’s available 15% capacity under ASX Listing Rule 7.1, the options issue is subject to shareholder approval, with a meeting to be called soon.

Northern Manganese holds the exploration rights for six tenements in the Northern Territory, which cover a total of 1,723 square kilometres of shallow marine terrain and two islands near Groote Eylandt.

The company’s tenements are located adjacent to Groote Eylandt Mining Company’s world-class manganese deposits, and contain interpreted extensions of these.

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