Northern Dynasty Minerals Ltd. on Jan. 26 said it raised gross proceeds of US$37.4 million via an upsized underwritten bought-deal offering announced earlier in the month.
The company sold 20.24 million common shares at US$1.85 apiece, which included the full exercise of the overallotment option by the underwriters.
Northern Dynasty will use the proceeds to prepare its Pebble copper-gold project in Alaska for the start of federal and state permitting, for environmental monitoring, engineering and environmental studies, field investigations and related technical studies to finalize a development proposal for the property.
Proceeds are also earmarked for outreach and engagement with political and regulatory offices in Alaska and the U.S. federal government and project stakeholder groups, as well as general corporate purposes and working capital.
Northern Dynasty CEO Ronald Thiessen recently said he expects the company to receive approval to develop the Pebble project under the new U.S. administration headed by President Donald Trump.