07:18 AM EDT, 05/08/2025 (MT Newswires) -- NOVAGOLD Resources ( NG ) (NG.TO, NG) was at last look up 0.7% in US premarket trade after it overnight Wednesday priced its previously announced public upsized offering of its roughly 47.85 million common shares at a price of US$3.75 per share to the public.

The company has also granted the underwriters a 30-day option to buy up to around 7.2 million additional common shares at the public offering price, less underwriting discounts and commissions.

It expects gross proceeds of approximately US$179.4 million from the upsized offering, assuming no exercise of the underwriters' option to buy additional shares.

At the same time as the proposed upsized public offering, NG plans to complete a private placement of more than 17.1 million common shares to certain of its major shareholders at the public offering price.

The company said it intends to use the net proceeds from both the offering and the concurrent private placement to fund the purchase price for its previously announced acquisition of an additional 10% ownership interest in Donlin Gold LLC and use the remaining net proceeds, if any, for general corporate purposes including updating the feasibility study.