The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Money will fund ongoing advancement of Pebble mine project North of 60 Mining News – May 8, 2020
Workers hike across the world-class copper-gold-molybdenum deposit at the Pebble mine project in Southwest Alaska.
Northern Dynasty Minerals Ltd. May 13 announced that it has raised C$17.35 million (US$12.3 million) to cover engineering, environmental, permitting and evaluation expenses associated with Pebble and advance the federal environmental impact study for the copper-gold-molybdenum mine project in Alaska to completion.
Northern Dynasty raised the money in two concurrent financings – a C$10.1 million underwritten public offering and C$7.25 million private placement.
Underwritten by Cantor Fitzgerald Canada Corp., BMO Nesbitt Burns Inc., H.C. Wainwright & Co., LLC. and TD Securities Inc., the public offering involved the issuance of 14.38 million Northern Dynasty shares at C70 cents per share, which included the full exercise of an over-allotment option offered.
The private placement involved the issuance of 10.36 million shares at C70 cents each.
Northern Dynasty says it intends to use the net proceeds raised in the two financings for engineering, environmental, permitting and evaluation expenses associated with the Pebble Project and the advancement of completion of the EIS currently being finalized by the U.S. Army Corps of Engineers; enhanced outreach and engagement with political and regulatory offices in state and federal government, Alaska Native partners and broader regional and state-wide stakeholder groups; and payment of current liabilities associated with the company's working capital deficiency.
Army Corps of Engineers expects to issue the final EIS and record of decision for the Pebble mine proposal being considered under the federal and state permitting process by mid-year.
The Pebble Mine under consideration in the EIS is expected to produce 5.74 billion pounds of copper, 6.4 million ounces of gold, 260 million lb of molybdenum and 32 million oz of silver over a 20-year mine life.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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