Vancouver's NovaGold Resources Inc. (TSX:NG) plans to $130 million raise in a public share offering.
Proceeds from the offering will be used to fund general exploration and development and repay funds drawn from the company's $30 million line of credit.
The offering is being led by Scotia Capital and includes Cormark Securities.
NovaGold is working with Barrick Gold on its Donlin Creek gold project and helping Teck Cominco Ltd. develop the Galore Creek gold project.
NovaGold's share price range during the past week: between $10.30 and $11.15; 52-week high: $20.44; 52-week low: $5.90.