12:08 PM EST - Copper Canyon Resources Ltd. : announced that NovaGold Resources Inc intends to make an offer to acquire all of the outstanding shares of Copper Canyon Resources Ltd. 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. 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. Copper Canyon Resources Ltd.
shares V.CPY are trading even at $0.42.
