VANCOUVER – NovaGold has topped up its treasury thanks to warrants exercised by Electrum Group. Electrum has increased its holdings to 27%.
NovaGold received $46.4 million on Dec. 31, 2012, when Electrum exercised 31.3 million share purchase warrants exercisable at $1.48 per share. The NovaGold pocketbook now contains approximately $298.6 million, sufficient to cover the costs of permitting the Donlin gold project 450 km northwest of Anchorage, AK. The process is expected to take three to four years.
The NovaGold warrant also entitled the purchaser to one-sixth of a NovaCopper common share as well as the NovaGold share that was purchased. Electrum now holds a 27% interest in NovaCopper, too.
The latest presentation about the Donlin gold project is posted at NovaGold.com.