Northern Minerals Limited (ASX: NTU) – $0.210
26 Feb 2015
Northern Minerals Limited (ASX: NTU) has received a $4.0 million loan facility with access to $2.1 million immediate capital to continue funding activities at its Browns Range Project located in north Western Australia (Figure 1).
Figure 1. Location of the company’s projects
The funding is via a drawdown facility offset against the company’s 2014/2015 research and development rebate and provides access to short term working capital ahead of the rebate being finalised.
This facility will be extinguished once the rebate has been received which is expected to be before the end of 2015.
The drawdown facility further strengthens the company’s short term capital position while due diligence is being undertaken by Jien Mining, a subsidiary of Jilin Jien Nickel Industry Co Limited, as part of the $49.5 million funding partnership.
The Browns Range Project has a number of deposits and prospects containing high value dysprosium and other heavy rare earth elements hosted in xenotime mineralisation. Dysprosium is used in the production of neodymium iron-boron magnets in clean energy and high technology solutions.
For further information, visit www.northernminerals.com.au
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