Jien Mining and Northern Minerals Extend Due Diligence Period

Northern Minerals (ASX:NTU) announced that it has come to an agreement with Jien Mining to extend the due diligence period regarding Jien’s final investment decision to July 15.

As quoted in the press release:

Both parties deemed the extension necessary to accommodate Jien Mining’s interest in having a memorandum of understanding (MoU) outlining terms for an agreement for product offtake from the Browns Range Project.

Jien Mining has undertaken a significant amount of due diligence work since signing of the equity funding MoU announced on 18 February 2015. This investment received shareholder approval on 27 May. To date Jien Mining has provided $5 million, of the potential $49.5 million funding package, to Northern Minerals via convertible note.

Click here to read the Northern Minerals (ASX:NTU) press release