Northern taps investors for more funds

Aspiring heavy rare earths miner Northern Minerals has raised $2.5 million from investors to fund ongoing development of its Browns Range project in the Kimberley.

Perth-based Northern raised the funds through the private placement of 20.8 million shares at 12 cents each.

It follows a $10 million capital raising completed by the company in March, and a $30 million raising completed a year ago, according to BNiQ Search Engine data.

“We continue to see positive support from investors as we develop the Browns Range project,” managing director George Bauk said.

“With mining progressing on site and fabrication under way in China for the processing plant, the project is on time and on budget.”

Shares in Northern were 11.1 per cent lower to 12 cents each at 10:30am.