PERTH (miningweekly.com) – Rare earths miner Northern Minerals has completed a A$7.5-million convertible debt agreement, with the funds earmarked to progress enhancement initiatives at the Browns Range project, in Western Australia.
The convertible debt formed part of a greater A$15-million placement and convertible debt issue announced in April this year.
The debt will carry a 10%-a-year interest rate and will be repayable or convertible at the end of June 2020 at a conversion price of 10c a share.
Northern Minerals on Monday said that the convertible debt funds will be used to progress the enhancement initiatives at Browns Range, including ore sorting and product separation, as well as to strengthen the company’s balance sheet.