Australian mineral exploration and development company Northern Minerals is securing $15 million in capital financing.
Northern Minerals intends to use the proceeds from the financing to develop its Browns Range heavy rare earth pilot plant in Western Australia and to repay research and development costs.
The Browns Range pilot plant project in the East Kimberley region is the first rare earth-focused plant to operate outside of China. The total investment will be split evenly between a share placement and a note subscription.
Both the share placement and subscription are to be issued to investors located in China. The first tranche is due on or before April 30 with the remaining tranch is due on or before June 21, subject to shareholder approval.