VANCOUVER – NovaGold has become a money magnet, raising US$175 million so far this month. On March 4, it announced a US$100-million financing to several investment funds managed by Paulson & Co. Inc. On March 8, the company said it would raise an additional US$75 million by issuing shares to a private investment fund managed by Soros Fund Management.
All total, NovaGold is issuing approximately 31.8 million common shares valued at US$5.50 each.
And where will NovaGold be spending all the proceeds? It has commitments at the advanced Donlin Creek gold project (50% with Barrick) in Alaska, the Galore Creek copper-gold project (50% with Teck) in British Columbia, the suspended Rock Creek gold mine (100%) in Alaska, and the early-stage Ambler copper-zinc-gold-silver project (100%) also in Alaska. NovaGold’s share of gold reserves and resources at the four projects approaches 25 million contained oz.
Technical reports on these projects and others may be read at www.NovaGold.com.