Northern Dynasty Minerals (NAK) said Thursday that it has closed the second tranche of fundraising through a private placement of 11.9 million special warrants at a price of CAD$0.399 per special warrant for gross proceeds of CAD$4.78 million ($3.61 million).

The special warrants will convert on exercise into common shares of Northern Dynasty on a one-for-one basis.

When combined with the first tranche proceeds of CAD$10.22 million, total gross proceeds from the special warrant non-brokered placement are just over CAD$15 million.

Northern Dynasty also announced Thursday that it has signed a definitive agreement to acquire Cannon Point Resources. Assuming the timely receipt of shareholder, court and regulatory approvals, it is expected that this acquisition will close in October 2015, the Vancouver-based mineral exploration and development company said.

NAK shares were unchanged in early trading at $0.41.

Companies: Northern Dynasty Minerals, Ltd.
Price: 0.41 Price Change: Percent Change: +0.00