By Devika Patel
Knoxville, Tenn., March 8 - NovaGold Resources Inc. said it plans an additional non-brokered registered direct offering of stock for $75 million.
On March 5, the company said it would raise $100 million in a non-brokered registered direct offering.
In the $100 million offering, the company will sell common shares at $5.50 per share to funds managed by Paulson & Co. Inc. In the latest deal, it will sell shares at the same price to Quantum Partners Ltd., a private investment fund managed by Soros Fund Management LLC.
Settlement of the initial $100 million is expected on March 9. The $75 million deal will settle on March 11.
Proceeds will be used to fund general exploration and development on the company's advanced properties, including Donlin Creek, Galore Creek and Rock Creek, its early stage Ambler property and for general corporate purposes, including funding potential future acquisitions.
NovaGold is a precious metals exploration and development company based in Vancouver, B.C.
| Issuer: | NovaGold Resources Inc.
|
| Issue: | Common shares
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| Amount: | $175 million
|
| Price: | $5.50
|
| Warrants: | No
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| Agent: | Non-brokered
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| Investor: | Paulson & Co. Inc. (for $100 million), Quantum Partners Ltd. (for $75 million)
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| Pricing date: | March 5 (for $100 million), March 8 (for $75 million)
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| Settlement date: | March 9 (for $100 million), March 11 (for $75 million)
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| Stock symbol: | Toronto: NG
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| Stock price: | C$6.56 at close March 5
|
| Market capitalization: | C$1.22 billion
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