Northern Minerals secures financing
PERTH (miningweekly.com) – ASX-listed Northern Minerals has secured $4-million in medium-term financing from a US-based asset management firm.
The funding would be provided over an 11-month period and would be repayable over an 18-month period from the date of the drawdown. The repayments would be made on a monthly basis through either cash, shares or a combination of both.
Repaying in cash would be a premium of 2.5% and the repayment in shares would be priced at 92.5% of the average of three consecutive days daily volume-weighted average prices during the 20 days of trading before the issuances of shares at the option of the investor.
Northern Minerals would issue two-million shares to the investor as collateral, which would be credited to the company prior to the completion of the agreement. The company would also issue 2.5-million options at an exercise price of 25c each, with a term of 36 months.
Meanwhile, the rare earths company on Monday reported that Jien Mining would convert an existing A$5-million convertible loan into equity in the company.
Jien would also complete a previously announced A$17-million investment in Northern Minerals by the end of November, which was conditional upon Chinese regulatory approval.
The completion f the investment would result in Jien being issued an additional 85-million shares in Northern Minerals, at 20c each.
In addition, Jien would be issued a further 110-milion options with an exercise price of 25c each and a term of one year to raise a further A$27.5-million, if and when the options were exercised.
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