VANCOUVER, Aug. 14, 2019 /PRNewswire/ - Northern
Dynasty Minerals Ltd. (TSX: NDM; NYSE American: NAK) ("Northern
Dynasty" or the "Company") announces that it has closed
its previously announced bought deal offering, including the
exercise in full of the over-allotment option (the
"Offering"). A total of 15,333,334 common shares of the
Company were sold at a price of US$0.75 per share for gross proceeds of
approximately US$11.5 million. The
Offering was completed pursuant to an underwriting agreement dated
August 9, 2019 among the Company and
Cantor Fitzgerald Canada Corporation, as lead underwriter and sole
book runner, and a syndicate of underwriters including BMO Capital
Markets, H.C. Wainwright & Co., LLC and TD Securities Inc.
(collectively, the "Underwriters"). The Underwriters were
paid a 6% cash commission.
The proceeds from the Offering are anticipated to be used for:
(i) operational expenditures, including engineering, environmental,
permitting and evaluation expenses associated with the Pebble
Project and advancement of the U.S. Army Corps of Engineers
Environmental Impact Statement ("EIS"); (ii) ongoing
outreach and engagement with political and regulatory offices in
the Alaska state and U.S. federal
governments, Alaska Native partners and broader regional and
state-wide stakeholder groups; and (iii) general corporate
purposes.
The Offering was made by way of a prospectus supplement (the
"Prospectus Supplement") to the Company's existing Canadian
base shelf prospectus (the "Base Shelf Prospectus") and
related U.S. registration statement on Form F-10 (SEC File No.
333-229262) (the "Registration Statement") filed under the
Canada/U.S. multi-jurisdictional
disclosure system. The U.S. form of Base Shelf Prospectus is
included in the Registration Statement. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy securities, nor will there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction. The securities
being offered have not been approved or disapproved by any
regulatory authority, nor has any such authority passed upon by the
accuracy or adequacy of the Prospectus Supplement, the Base Shelf
Prospectus or the Registration Statement.
About Northern Dynasty Minerals Ltd.
Northern Dynasty is a mineral exploration and development
company based in Vancouver,
Canada. Northern Dynasty's principal asset, owned
through its wholly owned, Alaska-based U.S. subsidiary, the Pebble
Partnership, is a 100% interest in a contiguous block of 2,402
mineral claims in southwest Alaska, including the Pebble deposit.
The Pebble Partnership is the proponent of the Pebble
Project, an initiative to develop one of the world's most important
mineral resources.
Ronald W. Thiessen
President & CEO
Forward Looking Information and other
Cautionary Factors
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation, and
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995
(collectively referred to as "forward-looking information"). The
use of any of the words "expect", "plan", "update" and similar
expressions are intended to identify forward-looking information or
statements. These statements include expectations about the use of
proceeds of the Offering, the finalization of the Environmental
Impact Study by the U.S. Army Corps of Engineers, the ability of
the Company to proceed with permit applications for the development
of the Pebble Project and the ability of the Company to obtain the
necessary federal and state permits for the development of the
Pebble Project. Though the Company believes the expectations
expressed in its forward-looking statements are based on reasonable
assumptions, such statements are subject to future events and third
party discretion such as regulatory personnel. For more information
on the Company, and the risks and uncertainties connected with its
business, Investors should review the Company's home jurisdiction
filings at www.sedar.com and its filings with the United States
Securities and Exchange Commission at www.sec.gov.
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SOURCE Northern Dynasty Minerals Ltd.