NovaGold announces US$100 million financing
- Publishing Date
- 05 Mar 2010 12:46pm GMT
- Author
- Mining Journal
The shares will be valued at US$5.50 as the company aims to raise US$100 million from several investment funds managed by Paulson & Co Inc.
Vancouver-based NovaGold intends to use the proceeds from the offering to fund general exploration and development on advanced projects, including Donlin Creek, Galore Creek, Rock Creek and its early-stage Ambler property. The company expects the offering to close on March 9.
Chief executive officer Rock Van Nieuwenhuyse said: “Paulson and Co Inc is a renowned institutional investor in the gold space, and we are pleased to have them as a substantial shareholder of the company.”
“With this offering we have accomplished financing objectives that will position NovaGold to continue to unlock value from its ownership of some of the largest and most prospective gold and polymetallic deposits in the world.”
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