12:06 PM EST - NovaGold Resources Inc. : announced that it intends to make an offer to acquire all of the outstanding shares of Copper Canyon Resources Ltd., a junior exploration company, on the basis of 0.0425 of a NovaGold common share for each one Copper Canyon common share. The offer represents a 41.8% premium based on the closing price of Copper Canyon common shares and NovaGold common shares on the TSX-V and TSX, respectively, on December 17, 2010. Based on public disclosure, there are approximately 57.4 million Copper Canyon common shares outstanding on a fully diluted basis, valuing the acquisition at approximately $34.1 million. NovaGold Resources Inc.
shares T.NG are trading up $0.72 at $14.73.
