(MENAFN- ProactiveInvestors)
() has signed a memorandum of understanding with Jien Mining Pty Ltd for the offtake of 50% of product from the Browns Range Project near Halls Creek Western Australia.
This is conditional upon completion of a proposed placement of shares and options to Jien.
The two companies will now start negotiations on joint marketing of rare earths from Browns Range.
In February 2015 the company reached a $49.5 million funding agreement with Jien Mining.
This consisted of a $5 million convertible note facility that was received in March and a placement of 110 million shares priced at $0.20 to raise $17 million subject to formalisation of final agreements FIRB approval and ’ shareholder approval.
will also issue 110 million options exercisable at $0.25 with a one year term to raise a further $27.5 million if exercised.
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