leadf
logo-loader
viewNorthern Minerals Ltd
(
ASX:NTU
)

Northern Minerals completes A$20 million tranche 1 of placement

The placement will allow the fast-tracking of feasibility work on a beneficiation plant for the Browns Range project as well as ramp-up resource expansion drilling aimed at increasing the life of mine.

Northern Minerals Ltd - Northern Minerals completes tranche 1 of A$20 million placement
Tranche 2 of the placement is subject to shareholder approval

Northern Minerals Ltd's (ASX:NTU) (OTCMKTS:NOURF) (FRA:NUN) has completed tranche 1 of a placement announced on February 16, 2021, raising A$20 million (before costs).

The company has today issued 408,163,267 fully paid ordinary shares to the subscribers, along with 153,061,226 free attaching unlisted options with an exercise price of A$0.074 and an expiry date of three years from the date of issue.

Funding exploration

Funds raised from the placement will be used for further exploration at the company’s projects;

  • Carrying out a feasibility study for a full-scale beneficiation plant;
  • Testing of the company’s ore sorter;
  • Continued testing of the company’s pilot plant and separation options; and
  • General working capital purposes.

Tranche 2 pending

Tranche 2 of the placement, which comprises the issue of 51,020,408 options, is subject to shareholder approval.

Quick facts: Northern Minerals Ltd

Follow
ASX:NTU

Price: 0.046 AUD

Market Cap: $222.92 m

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 named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Northern Minerals commissions ore sorter at its Browns Range pilot plant

  Northern Minerals Ltd's (ASX:NTU) (OTCMKTS:NOURF) (FRA:NUN) Mark Tory tells Proactive's Andrew Scott they've completed the installation and commissioning of the ore sorting system at its Browns Range pilot plant in Western Australia. Tory also updates on plans to restart the second phase...

on 19/5/21

2 min read