NOVAGOLD Increases Previously Announced Bought Deal Financing to US$300 Million
Not for distribution to U.S. news wire services or dissemination in the United States
VANCOUVER, British Columbia, Jan. 23, 2026 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. (NYSE:NG, TSX:NG) ("NOVAGOLD" or the "Company") has announced today that it has entered into an agreement with BMO Capital Markets, RBC Capital Markets, and Scotiabank as bookrunners, under which the underwriters have agreed to increase the size of the previously announced bought deal private placement, 30,000,000 common shares (the "Common Shares") of the Company, at a price of US$10.00 per Common Share for gross proceeds of approximately US$300 million, with a cornerstone order of US$140 million from a leading European institution, before deducting underwriter fees and other expenses (the "Offering"). In addition, the Company has also granted the underwriters an over-allotment option, exercisable up to 48 hours prior to the closing of the Offering, to purchase up to an additional 15% of the number of Common Shares purchased pursuant to the Offering for additional gross proceeds of up to approximately US$45 million, before deducting underwriter fees and other expenses (resulting in aggregate gross proceeds of up to approximately US$345 million, before deducting underwriter fees and other expenses).
The Company intends to use the net proceeds of the Offering for expendituunderwriters have agreed to increase the size of the previously res associated with Donlin Gold activities, settlement of the Company's prepayment option on the promissory note1 with Barrick Mining Corporation, and general corporate purposes.
The Offering is expected to close on or about February 5, 2026 and is subject to the Company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and authorization of the NYSE American, subject to customary conditions.
The Common Shares will be offered: (i) in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (ii) in the United States and elsewhere, pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and the applicable securities laws of any state of the United States; and (iii) in jurisdictions outside of Canada and the United States pursuant to prospectus, registration, and other exemptions under applicable securities laws. The Common Shares will be subject to a minimum 6-month hold period from the closing of the Offering under applicable securities laws.
The securities offered have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest ...
