Company also acquires C$4.7 million cash asset for 12.9 million shares
By Devika Patel
Knoxville, Tenn., Aug. 11 – Northern Dynasty Minerals Ltd. said on Monday that it will raise between C$10 million and C$15 million in a private placement of special warrants.
The company will sell 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.
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: | On a one-for-one basis
|
| Warrants: | No
|
| Pricing date: | Aug. 10
|
| Stock symbol: | Toronto: NDM
|
| Stock price: | C$0.45 at close Aug. 7
|
| Market capitalization: | C$49.48 million
|
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