11:45 AM EDT, 05/09/2025 (MT Newswires) -- NovaGold Resources ( NG ) said Friday that it closed its upsized public offering of 47.85 million common shares, generating gross proceeds of about $179.4 million.

The company also granted underwriters a 30-day option to purchase up to an additional 7.18 million shares.

The precious metals company said it also closed a private placement for 17.17 million shares for gross proceeds of approximately $64.4 million.

The company said it plans to use the net proceeds of $234.1 million from the offering and the placement to fund its previously announced acquisition of an additional 10% stake in Donlin Gold and any remaining proceeds for general corporate purposes.

NG shares were up 1.1% in recent trading.

Price: 3.80, Change: +0.04, Percent Change: +1.06