Northern Dynasty arranges $22 million financing
11 Fevereiro 2004 - 12:00PM
PR Newswire (US)
Northern Dynasty arranges $22 million financing VANCOUVER, Feb. 11
/PRNewswire-FirstCall/ -- Ronald W. Thiessen, President and CEO of
Northern Dynasty Minerals Ltd. (TSX Venture: NDM; OTCBB: NDMLF) is
pleased to announce that Northern Dynasty has arranged a private
placement financing of 2.75 million units at Cdn$8.00 per unit with
each unit consisting of a share and one half warrant. Each whole
warrant is exercisable for one year from closing of the financing
to acquire one further common share at Cdn$9.00. Galahad Gold PLC,
a publicly traded United Kingdom based corporation that is
currently an insider of Northern Dynasty, will purchase
approximately one half of the placement. The offering is subject to
execution of definitive agreements and TSX Venture Exchange
acceptance, which is expected in the ordinary course. The common
shares in the units and the shares issuable on exercise of the
warrants will be subject to a four month resale restricted period.
Proceeds of the financing will be used to rapidly advance the
Company's Pebble project, located in southwestern Alaska, USA,
towards completion of a final feasibility study for a large-scale,
open pit, gold-copper-molybdenum mine. A recent independent
resource estimate by John Nillson, P.Eng., of Norwest Corporation,
established the Pebble deposit as the largest gold and at the same
time, the second largest copper deposit in North America. At a
0.30% copper equivalent cut-off, the inferred mineral resource is
estimated to be 2.7 billion tonnes grading 0.27% copper, 0.30 g/t
gold and 0.015% molybdenum containing 16.5 billion pounds of copper
and 26.5 million ounces of gold (see News Release January 21,
2004). Northern Dynasty is planning a major in-fill drilling
program for 2004, concurrently with detailed engineering and
environmental/permitting studies. For further details on Northern
Dynasty Minerals Ltd. and its Pebble Project please visit Northern
Dynasty's website at http://www.northerndynasty.com/ or contact
Investor Servicesat 604-684-6365 or within North America at
1-800-667- 2114. ON BEHALF OF THE BOARD OF DIRECTORS "Ronald W.
Thiessen" Ronald W. Thiessen President and CEO No regulatory
authority has approved or disapproved the information contained in
thisnews release. These materials are not an offer of securities
for sale in the United States. The securities offered have not
been, and will not be, registered under the Securities Act of 1933
and may not be offered or sold in the United States absent such
registration or an exemption from registration. This release
includes certain statements that may be deemed "forward- looking
statements". All statements in this release, other than statements
of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events
or developments that the Company expects are forward-looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are notguarantees
of future performance and that actual results or developments may
differ materially from those projected in the forward-looking
statements. For more information on the Company, Investors should
review the Company's home jurisdiction filings that are available
at http://www.sedar.com/. DATASOURCE: Northern Dynasty Minerals
Ltd. CONTACT: Northern Dynasty Minerals Ltd., 1020 - 800 W Pender
St., Vancouver, BC, Canada, V6C 2V6, Tel 604-684-6365, Fax
604-684-8092, Toll Free 1-800-667-2114,
http://www.northerndynasty.com/
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