The company has issued 3,225,806 shares to relevant subscribers, all of which have been issued with shareholder approval.
The total amount raised to date is about $25.7 million before costs.
The balance of around $4.3 million in subscription funds was not received by the due date (December 31, 2019) however the company has agreed to extend the completion date for subscribers to January 31 2020.
Additional funds to support Browns Range Heavy Rare Earths Project
The capital raising will help fund the ongoing development of the Browns Range Heavy Rare Earth Project in WA.
Northern Minerals has started the production of heavy rare earth carbonate from a pilot plant at the Browns Range project which will assist the company to evaluate the economic and technical feasibility of mining at the project.
Browns Range has several deposits and prospects containing high-value dysprosium and other HREs (heavy rare earths) hosted in xenotime mineralisation.
Dysprosium is an essential ingredient in the production of DyNdFeB (dysprosium neodymium ion boron) magnets used in clean energy high technology solutions.