Strong shareholder support has allowed Northern Uranium (ASX: NTU) to raise A$9.5 million for aggressive exploration on the rare earth projects at John Galt and Browns Range in Western Australia, and the Gardiner-Tanami uranium project in the Northern Territory.
The company can now follow up the high grade rare earth rock chip assays identified at Browns Range, with the company planning to continue ground based reconnaissance exploration and metallurgical testwork in the final quarter of this year.
Northern added funding has been committed to the John Galt project, which was acquired in April 2010, which displays similar geological characteristics as Browns Range, with indications of high value rare earth elements.
The funds raised comprised a rights issue with 96% shareholder acceptance, with the remaining 4% underwritten by the lead manager Patersons Securities.
The A$9.5 million included A$2.1 million from the conversion of listed options.
RC drilling is also scheduled for several uranium targets at the Gardiner Tanami Project which the company expects to begin this week.
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