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TSX, NYSE-MKT Symbol: NCQVANCOUVER,
June 4, 2013 /PRNewswire/ -
NovaCopper Inc. (TSX, NYSE-MKT: NCQ) ("NovaCopper" or "the Company") is announcing that in connection with the approval of the shareholders of NovaGold Resources Inc. ("NovaGold") at the shareholders meeting of NovaGold held on
May 29, 2013, and the execution by NovaGold of an agreement dated
May 30, 2013 amending an original escrow agreement dated
May 22, 1987, NovaGold common shares ("Escrowed Shares") registered to certain founders of NovaGold ("NovaGold Founders") may be released from escrow upon compliance by NovaGold with the provisions of National Policy 46-201 - Escrow For Initial Public Offerings, which provides that NovaGold must issue a news release at least 60 days before the first release of escrow securities under the amending agreement. NovaGold issued such press release on
June 3, 2013 and advised the Escrowed Shares will be released to
Gerald McConnell and
Angus MacIsaac, the registered holders of the Escrowed Shares, on
August 5, 2013.
As part of the Company's spin-out by NovaGold which was completed last year the NovaGold Founders also received 9,091 NovaCopper common shares with respect to their Escrowed Shares, which were also placed into escrow. The Company is issuing this news release to permit these NovaCopper common shares to be released from escrow to the NovaGold Founders.
NovaCopper Inc. is a base metals exploration company focused on exploring and developing the Ambler mining district in
Alaska. It is one of the richest and most-prospective known copper-dominant districts located in one of the safest geopolitical jurisdictions in the world. It hosts world-class VMS deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper mineralization. Our vision is to develop the Ambler mining district into a premier North American copper producer.
More information on the Company, its properties and its management team is available on the Company's website at
SOURCE NovaCopper Inc.