As Pebble Watch reported in November, Northern Dynasty Minerals (NDM) – the sole owner of the Pebble Limited Partnership – is in continuous search for investors to help it advance the Pebble project. Several financing methods have been employed in the years since major partner Anglo American pulled out of the project.
In December 2023 NDM closed two new deals that will tide it over for the time being:
- A “Convertible Notes Offering” provides US$15 million to be repaid over ten years with 2% interest per year. The first payment is due June 30, 2024.
- “Private Placement” of 8,555,000 units of the Company, sold at a price of CAD$0.40 per Unit, for aggregate gross proceeds of CAD$3,422,000.
This funding is good news for NDM as it prepares to file a case against the EPA in federal district court. The Supreme Court’s decision not to hear the State of Alaska’s bill of complaint about EPA’s 404(c) action related to Pebble means that NDM will have to pursue its case through lower courts – all of which will be costly and time consuming.