Northern Minerals Ltd. on Feb. 1 said Huatai Mining Pty. Ltd. failed to complete a A$30 million subscription agreement by the agreed extension date of Jan. 31.
The agreement was entered in August 2016, and the company planned to used the proceeds to bring its Browns Range heavy rare earths project in Western Australia into full production.
Northern Minerals granted an extension to Huatai to settle the remaining A$18 million payment, initially due Jan. 1, to Jan. 31.
To date, Huatai has completed payments of A$19.5 million and has been issued 152,222,223 ordinary shares, representing 22.59% of Northern Minerals' issued capital.
Nan Yang was also appointed to the Northern Minerals board as Huatai's representative.