Northern Dynasty ramps up financing efforts to pay for litigation, EPA investigations
Northern Dynasty Minerals (NDM), the Canadian mineral exploration company that owns 100% of the Pebble prospect, has no income and does not expect a positive cash flow until revenues from the Pebble project begin to offset its operating expenses. (If permitting can be achieved, the Pebble project could begin operation by 2024).
To fund its current activities, NDM has pursued a variety of financing options, detailed below. According to company reports, funds raised through these efforts have gone toward:
- Litigation with EPA
- Facilitation of third-party investigations of the EPA
- Maintaining an active corporate presence in Alaska to advance relationships with political and regulatory offices of government, Alaska Native partners and broader stakeholder groups
- Maintaining the Pebble project, site and claims in good standing
- Environmental monitoring
- Maintaining PLP in good standing
- Finding a potential partner
Northern Dynasty Financing Strategy
| Type of financing | Date
| Approximate amount raised (in Canadian $) | Note |
| Special Warrants financing (2014) | January 2015 | $15.5 million | Funds were budgeted to last through Dec 2015, but were depleted by May 2015. |
| Special Warrants financing (2015) | August/September 2015 | $15 million | |
| Acquisition of Cannon Point Resources Ltd. | October 2015 | $4.7 million | Gordon Keep of Cannon Point added to NDM board. |
| Acquisition of Mission Gold | December 2015 | $9 million | Marcel de Groot and David De Witt of Mission Gold added to NDM board. |
| Common share financing | December 2015 | $5.28 million | |
| Mixed securities shelf | March 2016 | Up to $20 million | Can sell securities over a 25-month period. |
Related:
Northern Dynasty Board restructures, loses six seasoned Directors