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Assuming the completion of the entire amount of the US$75 million private placement announced by NovaGold on January 6, 2009, as a result of Electrum's acquisition, Electrum owns 51,916,412 shares, representing approximately 28.69% of the issued and outstanding Shares. Electrum also owns 46,153,847 transferable common share purchase warrants (the "Warrants"), representing 80% of the Warrants.
The common shares referred to above were acquired from Auramet pursuant to the terms of a purchase and sale agreement, and were acquired for investment purposes. 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.
SOURCE: Electrum Strategic Resources LLC
Electrum Strategic Resources LLC is located at 1370 Avenue of the Americas, 19th Floor, New York, New York, 10019.
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