The $1.6 million represents 25.8 million shares issued at a price of 6.2 cents each.
To date, about $24.7 million in funding has been received and the balance of $5.3 million will aim to be raised by 31 December 2019.
Northern Minerals continues to develop its Browns Range heavy rare earth project in Western Australia.
The company continues to progress its ore sorting project and pilot plant initiatives associated with the project.
$20 million placement to BGIA going through approval process
In mid-August 2019, NTU entered into an agreement to raise a separate $20 million through a private placement to Baogang Group Investment (Australia) Pty Ltd (BGIA).
This placement was subject to shareholder approval, FIRB Approval and all regulatory approvals in the People’s Republic of China being obtained.
Shareholder approval has now been received and BGIA has confirmed that it will be lodging an application with the FIRB later this week.
JHY convertible notes extended
NTU has also been able to extend the maturity date for an additional year to 31 December 2020 for its $4 million convertible notes held by JHY.
Furthermore, the interest rate payable on the notes will be reduced to 10% from 16% from 1 January 2020.
Coffee with Samso
NTU recently featured on an episode of Coffee with Samso in which it discussed the rare earths market and its project.