Niuminco Group Limited ("ASX:NIU”) is pleased to announce that is has placed 62,500,000 ordinary shares at $0.004 per share to raise $250,000. The funds will be used to provide working capital for the Group.
The Company has also placed 8,400,000 ordinary shares at $0.005 per share in settlement of debt totalling $42,000.
The Company has also agreed to place a further 7,953,428 ordinary shares at $0.005 per share to a Company associated with Prof. Ian Plimer, one of the Directors, for which cash of $39,767.14 was received. The issue of these shares is subject to shareholder approval, which will be sought at the next meeting of shareholders. These funds will be used to provide working capital and will be repayable on demand should shareholder approval not be received.
