NovaCopper's Largest Shareholder Boosts Stake in Company
NovaCopper Inc.'s (NCQ.TO) largest shareholder, Electrum Strategic Resources L.P., has elected to exercise the entirety of its 31,337,278 NovaGold Resources Inc. (NG.TO) share purchase warrants. Each NovaGold share purchase warrant allows the holder to purchase one NovaGold common share and one-sixth of a NovaCopper common share at an exercise price of $1.479.
By exercising all of its NovaGold 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.
NCQ went up by 8% to $1.95, just 2 cents below day highs. Over 22,000 NCQ shares have changed hands.
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