Ashurst acts for Conglin Group in Northern Mineral's $5.3m capital raising

Ashurst has acted for the Australia Conglin International Investment Group (Conglin Group) in Northern Mineral's $5.3 million capital raising.

The Conglin Group, which holds approximately 45.5% of shares in Northern Minerals, participated in the private placement to maintain its equity holding at the same level. Its participation was approved by Northern Minerals shareholders.

Northern Minerals completed the placement to provide interim funding for the continued progression of feasibility studies for its Browns Range Heavy Rare Earth project.

The placement highlights the Conglin Group's continued support of Northern Minerals and its Browns Range Heavy Rare Earth project. Construction of the open cut and underground project is anticipated in 2015, with first production expected in 2016.

Special council Ben Warne and lawyer Matt Hartsuyker from the corporate team in Brisbane advised on this transaction.