Markets
NG

NovaCopper's Largest Shareholder Adds an Additional 5.2 Mln Shares Through Warrant Exercise - Shares Jump 9%

An image of stock prices rising and declining in value
Credit: Shutterstock photo

NovaCopper Inc. ( NCQ ) has been informed by NovaGold Resources Inc. ( NG ) that its largest shareholder, Electrum Strategic Resources L.P., has elected to exercise the entirety of its 31,337,278 NG share purchase warrants that allows the holder to purchase one NG common share and one-sixth of a NCQ common share at an exercise price of CAD$1.479. These warrants were to expire January 21, 2013. The entire cash proceeds of this warrant exercise have been remitted to NG.

By exercising all of its NG warrants, Electrum has increased its holdings in the company by 5,222,879 shares to 13,261,579 shares or 25.6% of the company held directly and, Electrum and its affiliate GRAT Holdings LLC now hold, in the aggregate, 14,094,912 shares, or 27.2% of the company. The total number of issued and outstanding shares of the company has increased to 51,887,948 shares. The total number of fully diluted shares of the company is now 62,986,812 (including 2,986,704 shares reserved for issuance in connection with the 2,121,319 outstanding NG arrangement options and the remaining NG share purchase warrants).

NCQ is up 9.4% at $1.98, trading in a 52-week range of $1.65 - $4.76. Shares have fallen 46% in the last 12 months. NG is up 5.9% at $4.78.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

NG

Other Topics

Commodities

Latest Markets Videos