NEW YORK, July 12 /CNW/ - Electrum Strategic Resources LLC ("Electrum") announced that it has acquired 2,000,000 common shares (the "Common Shares") of NovaGold Resources Inc. ("NovaGold") upon the exercise of a like number of common share purchase warrants (the "Warrants"). In addition, Electrum privately transferred directly 2,000,000 Common Shares to two charitable organizations, Panthera Corporation, a public charity with the sole mission of conserving the world's 36 species of wild cats, and The Recanati-Kaplan Foundation, a charitable organization focused on supporting organizations that encourage and promote environmental sustainability, animal protection and conservation, education, medical research and fine arts. After such transactions, Electrum continues to own 51,916,412 Common Shares, representing approximately 23.27% of the issued and outstanding Common Shares, and owns 44,153,847 Warrants, representing all of the remaining Warrants that were issued in connection with Electrum's acquisition of units from the issuer in January 2009.
The Warrants and Common Shares referred to above continue to be held for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of common shares or other securities of the NovaGold whether in the open market, by privately negotiated agreement or otherwise. Electrum Strategic Resources LLC is located at 1370 Avenue of the Americas, 19th Floor, New York, New York 10019.
SOURCE ELECTRUM STRATEGIC RESOURCES LLC