The company plans to raise up to C$15 million in the private placement
By Susanna Moon
Chicago, Aug. 31 – Northern Dynasty Minerals Ltd. said it sold C$10.2 million in the first tranche of a private placement of special warrants. The deal was announced Aug. 11 for up to C$15 million.
The company sold 25,624,408 special warrants exercisable into the company’s common shares at a price of C$0.399 each, according to a company press release.
As previously announced, the price per special warrant is an 11.33% discount to the Aug. 7 closing share price of C$0.45.
The special warrants are each convertible into one common share on a one-for-one basis.
Settlement is expected in mid-August.
Proceeds will be used for working capital and to advance the Pebble Project.
The company also said it plans to acquire Cannon Point Resources, whose primary asset is C$4.7 million cash, for about 12.9 million Northern Dynasty common shares.
Based in Vancouver, B.C., Northern Dynasty explores the Pebble property in Alaska for copper, gold and molybdenum.
| Issuer: | Northern Dynasty Minerals Ltd.
|
| Issue: | Special warrants convertible into common shares
|
| Amount: | C$10 million (minimum), C$15 million (maximum)
|
| Price: | C$0.399
|
| Conversion ratio: | 1 for 1 basis
|
| Warrants: | No
|
| Pricing date: | Aug. 10
|
| Settlement date: | Aug. 31 for C$10.2 million
|
| Stock symbol: | Toronto: NDM
|
| Stock price: | C$0.45 at close Aug. 7
|
| Market capitalization: | C$49.48 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
