Allens has advised Northern Minerals on a capital raising to progress its Browns Range heavy rare earth element (HREE) Project, including a $43 million two-tranche private placement and $5 million share purchase plan.
The private placement, offered to existing and new institutional and sophisticated investors, attracted a significant level of demand..
Located in Western Australia’s East Kimberley region, the Browns Range Project is one of the most high grade and advanced HREE projects outside China. The dysprosium and terbium resources it expects to supply are essential for high-performance permanent magnets used in electric vehicles and wind turbines.
Allens advised on all elements of the capital raising from concept to execution, including capital raising structures, execution of the equity raising and regulatory considerations.
‘Strong demand continues among investors for rare earths exposure, as evidenced by the response to Northern Minerals’ private placement as well as sizeable raisings conducted by other developing players in the space throughout this year,’ said lead Partner .
‘We congratulate Northern Minerals on its successful capital raising and look forward to seeing what’s ahead for the Browns Range Project.’
