VANCOUVER, Oct. 29, 2015 /PRNewswire/ - Northern
Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) ("Northern Dynasty"
or the "Company") and Cannon Point Resources Ltd. (TSXV: CNP)
("Cannon Point") are pleased to announce that today Northern
Dynasty completed the previously announced plan of arrangement (the
"Arrangement") pursuant to which Northern Dynasty has acquired 100%
of the issued and outstanding common shares of Cannon Point.
Pursuant to the Arrangement, Northern Dynasty issued an aggregate
of 12,881,344 common shares to the former shareholders of Cannon
Point (0.376 of a Northern Dynasty common share for each issued
Cannon Point common share). In addition, an aggregate of
8,375,000 share purchase warrants of Cannon Point were exchanged
for an aggregate of 3,149,000 share purchase warrants of Northern
Dynasty exercisable at a price of $2.13 per share on or before December 17, 2015, and an aggregate of 3,312,500
stock options of Cannon Point were exchanged for an aggregate of
1,245,500 stock options of Northern Dynasty with exercise prices
ranging from $0.29 to $0.43 per
share. All such options will expire on January 29, 2016, with the exception of an
aggregate of 676,800 options which will retain their original
expiry date.
Pursuant to the Arrangement, Mr. Gordon
Keep was appointed as a director of Northern Dynasty.
The Arrangement was approved by 100% of the votes cast by
securityholders of Cannon Point at an annual general and special
meeting held on October 23,
2015. Final approval for the Arrangement was obtained from
the Supreme Court of British
Columbia on October 28,
2015. As a result of the Arrangement, Cannon Point became a
wholly-owned subsidiary of Northern Dynasty. Cannon Point
common shares will be delisted from the TSX Venture Exchange after
market close on October 29, 2015, and
Northern Dynasty will make applications to the relevant securities
commissions for Cannon Point to cease to be a reporting issuer
under Canadian securities laws.
Full details of the Arrangement and certain other matters are
set out in the management information circular of Cannon Point
dated September 14, 2015, a copy of
which can be found under Cannon Point's profile on SEDAR at
www.sedar.com.
Shareholders of Cannon Point who have questions or who may need
assistance with the completion of letters of transmittal are
advised to contact Computershare Investor Services at:
North American Toll Free: 1-800-564-6253
Email: corporateactions@computershare.com
About Northern Dynasty Minerals Ltd.
Northern Dynasty is a mineral exploration and development
company based in Vancouver,
Canada. Northern Dynasty's principal asset is the Pebble
Project in southwest Alaska, USA,
an initiative to develop one of the world's most important mineral
resources.
Ronald W. Thiessen
President & CEO
Forward Looking Information and other
Cautionary Factors
This release includes certain statements that may
be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, such as those
that address the in-progress financings and plan to complete
certain regulatory filings are forward-looking statements. These
statements include expectations about the likelihood of completing
a financing and merger transaction and the ability of the Company
to secure regulatory acceptance for its prospectus and registration
statements. Though the Company believes the expectations expressed
in its forward-looking statements are based on reasonable
assumptions, such statements are subject to future events and third
party discretion such as regulatory personnel. For more information
on the Company, and the risks and uncertainties connected with its
business, Investors should review the Company's home jurisdiction
filings at www.sedar.com and its filings with the United States
Securities and Exchange Commission.
SOURCE Northern Dynasty Minerals Ltd.