NovaCopper aims to conduct $10 million non-brokered placement of stock

Company plans $10 million IPO of shares at the same price per share

By Devika Patel

Knoxville, Tenn., Feb. 19 - NovaCopper Inc. said it has negotiated a $10 million non-brokered private placement of stock with Electrum Strategic Resources LP, Paulson & Co. Inc. and Baupost Group, LLC.

The company also plans to raise about $10 million in its initial public sale, with a 15% greenshoe, led by RBC Capital Markets and Cormark Securities.

The common shares in both sales will be sold at the same price.

Settlement of the public sale is expected Feb. 28.

Proceeds of both offerings will be used for exploration activities, environmental and engineering studies at the Upper Kobuk Mineral Projects and general corporate purposes.

The private base metals exploration company is based in Vancouver, B.C.

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