NovaGold Resources Inc. (“NovaGold”) completed two non-brokered offerings to raise aggregate gross proceeds of US$175 million in March 2010. The non-brokered offerings, which were completed on March 9 and March 11, 2010, were made pursuant to prospectus supplements to NovaGold's short form base shelf prospectus dated December 30, 2009. The first offering (the “Paulson Offering”) was made to several investment funds managed by Paulson & Co. Inc. (“Paulson”) pursuant to a subscription agreement dated March 4, 2010 between NovaGold and Paulson. Under the Paulson Offering, NovaGold issued 18,181,818 common shares at a price of US$5.50 per share for gross proceeds of US$99,999,999.
The second offering (the “Quantum Offering”) was made to Quantum Partners Ltd. (“Quantum”), a private investment fund managed by Soros Fund Management LLC pursuant to a subscription agreement dated March 8, 2010 between the company and Quantum. Under the Quantum Offering, NovaGold issued 13,636,364 common shares at a price of US$5.50 per share for gross proceeds of US$75,000,002.
NovaGold's shares are listed on the TSX and the NYSE Amex LLC under the symbol NG. NovaGold is a growth-focused precious metals company engaged in the exploration and development of mineral properties in North America.
Blake, Cassels & Graydon LLP acted as Canadian counsel to NovaGold, with a team that included Peter Kalbfleisch, Bob Wooder, Teresa Budd, Warren Beil, Denis Silva (securities) and Janette Pantry (tax). Dorsey & Whitney LLP acted as US counsel to NovaGold, with a team that included Christopher Barry, Kimberley Anderson and Jon Leptich.
Alexander Moore and Anthony Spadaro of Davies Ward Phillips & Vineberg LLP acted as counsel to Paulson in connection with the Paulson Offering; Patrick Dooley and Ron Deutsch of Akin Gump Strauss Hauer & Feld LLP acted as counsel to Quantum in connection with the Quantum Offering.