Northern Discovery Metals Seeks Up to C$1.5 Million in Private Placement

Northern Discovery Metals plans to raise up to C$1.5 million through a private placement of shares and units.

The company, listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange, announced the offering on Oct.

19.

A private placement sells securities directly to investors rather than offering them broadly to the public.

Up to C$1 million is targeted from non-flow-through units, priced at C$0.75 each.

Each of those units includes one common share and half of a warrant, which can be used to buy another share for C$0.95 within 24 months.

The company also plans to raise up to C$500,000 through flow-through units priced at C$0.90 each; the available announcement does not provide their full terms.

The offering could provide the company with funds, but the announcement does not say whether it has been completed.