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Northern Dynasty seeks US$10M to fund expenses for Pebble copper project

Northern Dynasty Minerals Ltd. on March 12 launched a US$10 million bought-deal offering to fund engineering, environmental, permitting and evaluation expenses for its Pebble copper project in Alaska.

The company struck a deal with Cantor Fitzgerald Canada Corp., which is acting as lead underwriter on behalf of a syndicate and a sole book runner for the offering.

The company will issue 15,625,000 shares at 64 cents apiece under the offering. It will also grant the underwriters an overallotment option to acquire up to an additional 2,343,750 shares at the issue price for up to 30 days following closing, resulting in potential additional proceeds of US$1.5 million.

The proceeds will also be used to complete an environmental impact study at the Pebble project, as well for general corporate purposes. The company continues to seek a partner for the Pebble project.

The offering is expected to close by March 18.