PERTH (miningweekly.com) – Rare earths developer Northern Minerals has completed the institutional component of its previously announced A$22-million capital raise.
The company on Wednesday said that it had raised an initial A$2.6-million through the institutional component of its 1-for-13 non-renounceable pro-rata entitlement offer.
Some 59.1-million new shares were offered to eligible institutional shareholders at a price of 4.5c each.
The retail component of the entitlement offer, which is expected to raise a further A$6-million, will close on July 8, with Northern Minerals also having raised A$15-million through a share placement to sophisticated investors.