Company also acquires C$4.7 million cash asset for 12.9 million shares
By Devika Patel
Knoxville, Tenn., Sept. 10 – Northern Dynasty Minerals Ltd. said it raised C$4.78 million in the second tranche of a private placement of special warrants. The deal priced for between C$10 million and C$15 million on Aug. 11 and raised C$10.22 million on Aug. 31.
The company is selling the special warrants at C$0.399 apiece. The price per special warrant is an 11.33% discount to the Aug. 7 closing share price of C$0.45.
Northern Dynasty sold 25,624,408 special warrants in the first tranche and 11,975,592 special warrants in the second tranche.
The special warrants are each convertible into one common share on a one-for-one basis.
Proceeds will be used for working capital and to advance the Pebble Project.
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$15 million
|
| Price: | C$0.399
|
| Conversion ratio: | On a one-for-one basis
|
| Warrants: | No
|
| Pricing date: | Aug. 10
|
| Settlement dates: | Aug. 31 (for C$10,224,139), Sept. 10 (for C$4,778,261)
|
| Stock symbol: | Toronto: NDM
|
| Stock price: | C$0.45 at close Aug. 7
|
| Market capitalization: | C$70.73 million
|
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