Northern raises A$20m
PERTH (miningweekly.com) – Rare earths producer Northern Minerals will raise A$20-million through the placement of 400-million shares, priced at 5c each.
The company on Monday said that it had entered into multiple subscription agreements with a number of sophisticated investors.
The shares will be placed in three tranches, with the first consisting of 200-million to raise an initial A$10-million under Northern Minerals’ existing placement capacity.
The second tranche of 100-million shares, to raise a further A$5-million, will be issued by the end of April, subject to shareholder approval, while the final tranche to raise a further A$5-million will be issued by the end of May, also subject to shareholder approval.
“The placement will allow us to ramp up exploration at the high-grade Dazzler and Iceman prospects and strengthen the balance sheet for working capital purposes,” said Northern Minerals MD George Bauk.
“The support for the placement was excellent, with many parties now having a better understanding of the important role of heavy rare earths in the electric vehicle sector.”
Meanwhile, Bauk noted that the Northern Minerals board is also contemplating a possible one-for-five entitlement offer, which will also be priced at 5c a share.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation