Northern Minerals Initiates Measures to Enhance Value at Browns Range

Northern Minerals Ltd. (ASX:NTU) announced that it has raised about $9.74 million via equity and debt for the development of its Browns Range pilot plant. The company also said it has begun a program aimed at increasing the economic potential of its Browns Range project.
As quoted in the press release:

The enhancement initiatives include an increase in the exploration budget aimed at increasing the life of the potential large-scale project from 11 to 20+ years, studies of downstream processing options focussed on increasing the suite and value of revenue products, optimisation of mining and processing options from learnings of the Pilot Plant Project to date as well as the potential for new acquisitions in the rare earth sector.
To assist in funding these initiatives the Company invites eligible shareholders to participate in a Share Purchase Plan to acquire up to $15,000 worth of Shares, at an issue price of $0.078 per Share (being the same issue price under the Placement).
The Board also proposes to undertake a bonus issue of new listed options to eligible shareholders in February 2018 on a 1 for 5 basis, with an exercise price of $0.12 and expiry date 31 December 2019, subject to a prospectus being prepared and lodged with ASIC. The Company will apply for quotation of the options issued under the Placement when the new bonus options have been quoted.

George Bauk, CEO and managing director of Northern Minerals, commented:

The expansion initiatives are all designed to position Browns Range and Northern Minerals as a globally significant rare earths producer.
By looking to extend the potential mine life of Browns Range and move downstream in the value chain, we are aligning ourselves with the permanent magnet producers that are taking a longterm position on the growth of the Electric Vehicle market.
The new funding announced today provides the Company with the flexibility and momentum to progress the second wave of growth for Browns Range.

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