Northern Minerals Limited
(ASX:NTU) has secured funding agreements to raise $58 million for the advancement of its Browns Range Heavy Rare Earth (HRE) project in Western Australia.
The funds will be used to progress the project to the completion of a feasibility study.
The funding package comprises four components, including the sale of a 16 per cent stake in the Browns Range project to Australia Congling International Investment Group for $26 million.
Other components include the sale of gold assets to the same company, the placement of 18.8 million shares and a fully underwritten writes issue.
Northern Minerals intends to further fund exploration activites at Browns Range, with an aim to increase resources to between 22 thousand and 29 thousand tonnes.
Northern Minerals reported a $10.7 million loss in the 2012 financial year.
