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Northern Dynasty increases bought deal to US$10M for Pebble copper-gold mine

Northern Dynasty Minerals Ltd. said Aug. 9 that it increased the size of its bought deal to finance the operational costs associated with its Pebble copper-gold project in Alaska to US$10 million from US$5 million.

The proceeds will also be used to advance the U.S. Army Corps of Engineers environmental impact statement, for ongoing project outreach and engagement with various groups, and for general corporate purposes.

The bought-deal agreement with a syndicate of underwriters led by Cantor Fitzgerald Canada Corp. comprises 13,333,334 common shares at 75 U.S. cents with an additional 2 million overallotment option exercisable for up to 30 days after closing for potential gross proceeds of about US$11.5 million.

The company will also pay the underwriters a cash commission equal to 6.0% of the offering's gross proceeds including those received from the overallotment option at closing, expected on or around Aug. 14.

The company is also proposing to undertake a nonbrokered private placement to investors outside the U.S. of up to 2,866,665 common shares for gross proceeds of about US$2.15 million.