NovaGold Resources Closes Offering

Ft Lauderdale, Florida 3/12/2010 04:40 AM GMT (TransWorldNews)


NovaGold Resources Inc. (TSX: NG) (Amex: NG) has closed its non-brokered offering of 13,636,364 common share of the company for $5.50 per common share resulting in gross proceeds of $75,000,002. The company is planning to use their net proceeds to fund their advanced properties and for general corporate purposes.


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The offering was made to a private investment fund, Quantum Partners Ltd., under a subscription agreement between the company and Quantum. The offering comes in addition to the company’s $100 million equity financing for total gross proceeds under the two financings of $175 million.


NovaGold is a growth-focused precious metals company engaged in the exploration and development of mineral properties in North America. The Company has a portfolio of mineral properties located in Alaska, USA, and British Columbia, Canada. The Company's largest projects are being advanced with major mining companies. The Donlin Creek


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