NovaGold Resources Inc. (NG.TO, NG) announced that it has completed purchase of 100% of the Ambler property.
NovaGold has issued to the vendor 931,098 common shares valued at US$5 million, and agreed to make cash payments to the vendor of US$12 million each in January 2011 and January 2012, respectively. The vendor will retain a 1% net smelter return royalty that NovaGold can purchase at any time for a one-time payment of US$10 million.
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