India, July 22 -- NOVAGOLD RESOURCES (NG.TO) and Paulson Advisers LLC and their affiliates announced that they have entered into a series of definitive agreements, pursuant to which NOVAGOLD's ownership interest in Donlin Gold will be increased from 60% to 100%, as a result of NOVAGOLD's acquisition of Paulson's 40% ownership interest in Donlin Gold in an all-share transaction. The deal creates a U.S. gold developer, with an approximately $4.2 billion equity value and 100% ownership of Donlin Gold.
The new company, NovaGold Corporation, would be a Delaware corporation intended to be listed on the NYSE, of which current NOVAGOLD shareholders would own approximately 65% and Paulson would indirectly receive approximately 35% on a fully dilute...