A whopping 99.14% of NovaGold (NG) shareholders voted in favor of the company’s spinoff of its Ambler copper project known as NovaCopper at a shareholder meeting earlier this week. Not much of a surprise given the support of several large proxy firms and the lack of any vocal opposition. The spin is expected to be completed ‘on or about’ April 30th and NG shareholders will receive 1 share of NovaCopper for every 6 shares of NovaGold owned.
For some additional information on the Ambler project, check out this presentation being given by CEO and President Rick Van Nieuwenhuyse and for more information on the spin take a look at our earlier posts on the subject here.
Disclosure: Author holds no position in any stock mentioned.