04:18 PM EDT, 06/05/2025 (MT Newswires) -- NOVAGOLD RESOURCES INC. ( NG ) was at last look down near 0.5% in US after hours trade Thursday as it announced the full exercise and closing of the underwriters' option to purchase an additional 7,177,500 of its common shares at the public offering price of US$3.75 per common share, less underwriting discounts and offering expenses. A statement noted the exercise of the underwriters' option closed today.

After giving effect to the full exercise of the underwriters' option, the total number of common shares sold by the company in the public offering increased to 55,027,500 common shares and the net proceeds increased to approximately US$195.2 million, after deducting the underwriting discount and offering expenses, Thursday's statement said.

NOVAGOLD intends to use the net proceeds from the exercise of the underwriters' option of approximately $25.6 million for general corporate purposes, including covering its share of expenses associated with updating the Donlin Gold Feasibility Study.

NG was down $0.36 or 5.6% on the TSX and near 6% on the NYSE American today.