The following excerpt is from the company's
Proceeds Total C$15 million
Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) ("Northern Dynasty" or the "Company") announces, further to its press releases of August 10 and August 31, 2015, that it has completed the second tranche closing of the fundraising through a private placement of 11,975,592 Special Warrants at a price of C$0.399 per Special Warrant for gross proceeds of C$4.78 million. The Special Warrants will convert on exercise into common shares of Northern Dynasty on a one-for-one basis.
When combined with the first tranche proceeds of C $10.22 million, total gross proceeds from the Special Warrant non-brokered placement are just over C$15 million.
Additionally, as previously announced on September 1, 2015, the definitive agreement with Cannon Point Resources (Cannon Point) in respect of the acquisition of 100% of the outstanding securities of Cannon Point has been signed. Assuming the timely receipt of shareholder, court and regulatory approvals, it is expected that this acquisition will close in October 2015.
The securities to be issued pursuant to this...