Canada’s NDM to nab $10 million in underwritten public offering

Canadian mineral exploration company Northern Dynasty Minerals Ltd. (NDM) is expecting to raise about $10 million in an underwritten public offering.

NDM agreed to sell 15.6 million common shares at the price of $0.64 per share to a syndicate of underwriters including BMO Capital Markets, H.C. Wainwright & Co., LLC. and TD Securities Inc.

NDM will use the net funds for its operational expenditures, enhanced outreach and engagement with political and regulatory offices in the Alaska state and U.S. federal government, Alaska Native partners and broader regional and state-wide stakeholder groups, and for general corporate purposes.

In addition, NDM also granted 30-day option to buy up to an extra 2.3 million shares at after the closing of the offering for potential extra gross proceeds of up to $1.5 million. The offering will close on or about March 18, 2019, subject to certain conditions.