NovaCopper won't proceed with $10 million private placement of stock

Company also cancels plans for its $10 million initial public offering

By Devika Patel

Knoxville, Tenn., March 7 - NovaCopper Inc. said it will not proceed with its $10 million non-brokered private placement of stock with Electrum Strategic Resources LP, Paulson & Co. Inc. and The Baupost Group, LLC. The deal was announced on Feb. 19.

The company cancelled plans for its concurrent $10 million initial public sale.

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

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