Northern Dynasty Minerals (TSX:NDM) has entered into a bought deal financing with Cantor Fitzgerald Canada to raise $10 million that will allow the miner to further advance its Pebble copper-gold-silver project in Alaska.
The deal prices the company’s shares at 64 Canadian cents, a 13.5% discount to the stock’s price before the financing was announced.
The Canadian miner has also granted the underwriters an over-allotment option to acquire up to an additional 2.34 million-plus shares, which could raise another $1.5 million.
Development of the proposed mine was mostly stalled during the Obama administration, but is moving forward under President Donald Trump, who is in favour of increasing domestic mining.
The Vancouver-based company reached a key settlement in 2017 with the US Environmental Protection Agency (EPA), which ended a dispute over the agency’s decision to block construction of Pebble mine.
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