RE: C$130 million? No biggie!So much for that financing deal. Lovely financing environment...
""We just felt that in the market right now, we wouldn't get the best value for our shareholders," Don MacDonald, senior vice-president and chief financial officer of the Canadian gold miner, told Reuters."
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TORONTO, March 7 (Reuters) - NovaGold Resources Inc (NG.TO: Quote, Profile, Research) pulled a C$130 million ($131 million) share offering off the table on Friday morning, blaming price conditions, after announcing the offer just the night before.
"We just felt that in the market right now, we wouldn't get the best value for our shareholders," Don MacDonald, senior vice-president and chief financial officer of the Canadian gold miner, told Reuters.
"We took a view this morning at the end of a week that the pricing was not what we thought would give us the best value for the shareholders."
MacDonald said the company had no timetable for revisiting the offering. "We'll see how things progress."
The decision should not affect any of the company's exploration or development plans, MacDonald said.
After markets closed on Thursday, the emerging gold producer announced the common share offering to repay a credit facility, fund exploration, and for general corporate purposes.
https://www.reuters.com/article/newIssuesNews/idUSN0732442020080307?rpc=401&