The shares of NovaCopper rose more than 6% on Monday, August 11Paulson & Co., an investment management firm established and managed by John Paulson disclosed an 18.8% stake in NovaCopper Inc NYSEMKT:NCQ based on its 13G filing with the Securities and Exchange Commission SEC. The regulatory filing showed that Paulson & Co. owned 11,511,649 shares of NovaCopper including 2,760,870 shares of common stock underlying currently exercisable warrants. NovaCopper Inc NYSEMKT:NCQ is a base metals exploration company. It is focused on exploring and developing mineral properties including the Arctic and Bornite Projects in Northwest Alaska. NovaCopper financial results During the second-quarter, NovaCopper reported a net loss of $2.1 million or $0.04 per share. During the year-ago quarter, the company recorded a net loss of $5.9 million or $0.11 per share. NovaCopper said its mineral property expenses were $488 thousand, down from $2.2 million in the same period a year ago. According to the company, a significant reduction was due to the timing of the start of its field program. The company ended its second-quarter with $2.1 million in cash and cash equivalents. NovaCopper completed private placement offering Nova Copper Inc NYSEMKT:NCQ recently announced the completion of a $7.5 million private placement financing, which is restricted for general and administrative expenses and program expenditures over the next twelve months. Its shareholders including Electrum Strategic Resources LP and Paulson & Co acquired its entire private placement offering for $1.15 per unit composed of one common share and one common share purchase warrant. NovaCopper said each common share purchase warrant entitles the shareholder to buy one common stock of the company for $1.60 per share for five years from the closing date of the agreement. NovaCopper's future strategy In a statement, Rick Van Nieuwenhuyse, president and CEO of NovaCopper said, "Our strategy in the upcoming months is to build upon the success of last year’s program.