NovaGold ticks down after $179 mln stock offering for acquisition

U.S.-listed shares of Canada's NovaGold Resources NG.A off 0.3% premarket to $3.90 after acquisition-related follow-on priced

Vancouver-based firm said sold 47.85 mln shares at $3.75 for $179.4 mln gross proceeds

Concurrently, co intends to complete private placement of ~17.2 mln shares at $3.75 to Electrum Strategic Resources, its largest shareholder with ~25% stake, and other existing holders

NG shares on Weds closed down ~7% at $3.91 after co launched 43.5 mln share offering to help fund previously announced acquisition of additional 10% ownership in Donlin Gold and for other purposes

Two weeks ago, Canada's Barrick Gold ABX.TO announced its exit and sale of its 50% stake in the Donlin gold Project in Alaska to billionaire John Paulson and NovaGold for up to $1.1 bln

Citigroup, RBC, BMO and Canaccord Genuity acting as jt bookrunners for the public offering

Through Weds, NG shares up 17.4% YTD, including ~52% gain over the past month