Northern Minerals (ASX:NTU) issued about 201.3 million new shares for a total of AU$3.8 million raised as part of a two-tranche placement to raise AU$43 million, according to a Monday filing with the Australian bourse.

The offering comprises a partial settlement of the conditional second tranche of 1.38 billion shares priced at $0.019 apiece under the placement, approved by shareholders at the company's annual general meeting, the filing said.

A further 141.5 million shares will be issued to complete tranche two upon receipt of the balance of funds, according to the filing.