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NovaGold Resources to Acquire 100% of Donlin Gold Project in Alaska

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NovaGold Resources (NG.TO) entered into a series of definitive agreements to acquire Paulson Advisers' 40% interest in the Donlin gold project in Alaska.

Following the transaction, NovaGold's project ownership increases to 100% from 60%, the gold development company said Wednesday.

As consideration, Paulson will indirectly receive a 35% stake on a fully diluted basis in a new company called NovaGold Corp., which will have an estimated US$4.2 billion equity value and will be listed on the New York Stock Exchange.

Current NovaGold resources shareholders will own the remaining 65% of the new company. The transaction is expected to close in the fourth quarter.

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