PERTH (miningweekly.com) – ASX-listed Northern Minerals on Tuesday told shareholders that the company could seek further funding in the form of debt, equity or both to progress its Browns project, on the border of Western Australia and the Northern Territory.
The announcement comes as Northern Minerals announced that Chinese investor China’s Baogang Group Investment had agreed to voluntary extend the date for Foreign Investment Review Board approval for a A$20-million investment from February 27, to March 5.
Under the agreement with Baogang, Northern Minerals would issue more than 322.58-million shares, at a price of 6.2c each, to raise the funds.
The funds raised from the share placement will be used to progress project enhancement initiatives at the Browns Range project, which will include the evaluation of ore sorting and product separation, as well as increased exploration.
Northern Minerals on Tuesday said that the company was regularly in discussion with third parties in various jurisdictions about potential funding opportunities, and in some cases, allowed the parties to access due diligence materials and conduct site visits to facilitate potential investments.