leadf
logo-loader
viewNorthern Minerals Ltd

Northern Minerals launches share purchase plan to raise up to $5 million

Earlier this week, NTU entered into subscription agreements with various sophisticated investors to raise $22 million under a private placement of 1.1 billion shares.

Northern Minerals Ltd - Northern Minerals launches share purchase plan to raise up to $5 million
The SPP will open on April 22 2020 and will remain open until May 29 2020

Northern Minerals Ltd (ASX:NTU) has launched a share purchase plan (SPP) to raise up to $5 million from shareholders.

The offer price for the new shares is 2 cents each, being the same issue price for the shares of NTU’s $22 million private placement announced earlier this week.

Funds raised under the SPP will be used for the continued development of NTU’s projects and operation of the company’s business; for expenditure relating to care and maintenance of the Browns Range Pilot Plant; and for general working capital purposes.

The SPP will open on April 22 2020 and will remain open until 5:00pm (Perth Time) on May 29 2020

Potential placement facility

NTU has executed a term sheet with Lind Global Macro Fund, LP in relation to a potential placement facility for the placement of ordinary shares up to $33.5 million over multiple tranches (during a 12-month term).

It is intended that the facility is structured in an arrangement under which Lind would pre-pay for shares which would then be issued by the company in shares or repaid in cash.

The term sheet is non-binding in respect of the advancement of funds and the issue of shares and no formal agreements have been agreed between the parties at this stage.

Quick facts: Northern Minerals Ltd

Price: 0.034 AUD

ASX:NTU
Market: ASX
Market Cap: $150.83 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Northern Minerals Ltd named herein, including the promotion by the Company of Northern Minerals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Full interview: Northern Minerals reveals talks with US government agencies,...

Northern Minerals Ltd (ASX:NTU) CEO George Bauk tells Proactive he recently met US government agencies, who he says wanted to get a better sense of the Australian company's progress with its dysprosium production, and its strategy going forward. Bauk is currently in New York meeting with...

on 21/9/19

2 min read