Welcome To the Copper Fox Metals Inc. HUB On AGORACOM
CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)
Message: Nova Gold
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| February 1, 2012 |
| NovaGold Announces US$250.8 Million Bought Deal Public Offering of Common Shares |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2012) - NovaGold Resources Inc. (NYSE Amex:NG)(TSX:NG) ("NovaGold" or the "Company") today announced that it has entered into an agreement with a syndicate of underwriters, led by RBC Capital Markets and J.P. Morgan Securities LLC under which they have agreed to purchase from NovaGold and sell to the public 26,400,000 Common Shares at a price of US$9.50 per Common Share. The offering will result in gross proceeds to NovaGold of approximately US$250.8 million. The offering is expected to close on or about February 7, 2012. NovaGold has granted the underwriters an over-allotment option to purchase up to an additional 3,960,000 Common Shares at the same price, exercisable in whole or in part at any time for 30 days following closing of the offering. The Company intends to use the net proceeds of this offering to fund permitting and continued development at the Donlin Gold project, to fund care and maintenance activities and continued exploration and advanced engineering studies at the Galore Creek project prior to any sale of the Company's interest in the project, to fund the spin-out of NovaCopper which includes continued exploration of the Ambler project, to fund the closure activities at Rock Creek Mine including increases to reclamation bonding required to the end of closures and for general corporate purposes and for general working capital. The Common Shares will be offered to the public in Canada and the United States through the underwriters or their affiliates and will be issued by way of a prospectus supplement that will be filed with securities regulatory authorities in Canada and the United States under NovaGold's short form base shelf prospectus which was previously filed with securities regulatory authorities in Canada and in the United States under the multi-jurisdictional disclosure system. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction. |
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