New Frontier Minerals (ASX:NFM) secured firm commitments to raise AU$1.6 million through the issue of 144.5 million shares at AU$0.011 apiece, according to a Wednesday filing with the Australian bourse.
Proceeds will be mainly used to drill-test targets for heavy rare earth elements, niobium, and uranium at the Harts Range project in the Northern Territory, the filing said.
Shares fell past 14% in afternoon trade Wednesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.