NovaGold Resources falls on planned stock offering

U.S.-listed shares of precious metals company NovaGold Resources NG.A fall 5.2% to $3.99 premarket

NG late Tuesday announced it intends to sell up to 43.5 million shares in a public offering

Concurrently, NG intends to complete a private placement of shares to certain major shareholders at public offering price

Proceeds will be used to fund its previously announced acquisition of additional 10% ownership in Donlin Gold and for other purposes

Citigroup, RBC Capital Markets and BMO Capital Markets are the joint book-running managers for the public offering

Vancouver, British Columbia-based NG is focused on the development of the Donlin Gold project located in Alaska

One of two brokerages rate the stock "buy" and one "hold"; median PT is $10 - data compiled by LSEG

As of last close, NG up 26.4% YTD