Perth, Dec 4, 2008 (ABN Newswire) - Northern Mining Limited (ASX:NMI) is pleased to announce that despite the difficult market, the renounceable rights issue announced by the Company on 28 October 2008 has closed on 03 December 2008 with strong support from its shareholders.
The number of shares taken up by eligible shareholders was 28,457,644, or approximately 46% of eligible shares on offer.
Alan Lockett, the executive Chairman commented: "We are very pleased with the outcome of the rights issue which faced some of the most difficult market conditions we have seen, but ended up well supported by shareholders.
This shows that Northern Mining continues to have a very strong and supportive share register."
The rights issue raised approximately $0.57million before costs of the issue. The funds will be used to enhance Company's assets, retire short term debt and for working capital, as described in the prospectus.
The holding statements for new securities will be dispatched shortly.
For further information please contact Ross Kestel or the undersigned on 9244 8499.
About NORTHERN MINING LIMITED
Northern Mining Limited (NMI) is an Australia-based company with an exploration portfolio of gold, nickel, base metals and uranium tenements in Western Australia and the Northern Territory. It has expanded its portfolio within Western Australia and acquired an 80% interest offshore, in the Szklary Nickel Project, Poland. The East Kalgoorlie Project in Western Australia encompasses 79 tenements prospective for nickel, gold and base-metal mineralization. Five tenements (NMI 100%) prospective for uranium and base-metals, formed the Northern Territory Project. With the 80% acquisition of the Stokes Yard Project the Northern Territory Project also became prospective for zinc, lead and copper. NMI signed an agreement with Quaalup Investments Pty Ltd in February 2007, for 100% interest in the Durack Range Project, a contiguous area in the East Kimberley region of Western Australia. Exploration license applications 80/3848, 3849 and 3865 cover an area of more than 1200 square kilometers.
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