Northern Minerals (ASX:NTU) has completed a placement, raising $60.5 million, which will be used to advance the Browns Range Heavy Rare Earths Project in Western Australia.
Under the placement, 1.18 billion shares were issued at $0.051 per new share.
The company notes the Iluka convertible note principal of $15 million, which matured on 31 December 2024, will be repaid immediately. This repayment will include $3.5 million interest calculated in accordance with the convertible note deed using proceeds from the placement and existing cash resources.
The Browns Range Project, located 160km southeast of Halls Creek, sits within a unique mineral setting rich in dysprosium and terbium with a landholding spanning 5,600km2.
Northern Minerals is a mineral explorer and developer, headquartered in Perth, Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Northern Minerals
