Pebble owner raises another C$2M

Northern Dynasty Minerals Ltd. July 5 reported the closing of a C$2 million private placement. This financing involved the issuance of 4,444,376 units, each consisting of one Northern Dynasty share and one warrant, at a price of C45 cents each.

The warrants are exercisable into one common share of the company at C65 cents until June 10, 2021.

In June, the company raised C$17.1 million in a private placement of 38 million units with identical pricing and warrant expiration.

Northern Dynasty said the proceeds from the June financing would be used to fund its multidimensional strategy to address the U. S. Environmental Protection Agency's proposed pre-emptive regulatory action against Pebble and to prepare the massive copper project for the start of permitting.

Holding costs and advancing transactions with potential partners for Pebble were other uses for the money cited by Northern Dynasty.

The company said net proceeds from the July 5 financing will be used for working capital.

-SHANE LASLEY