Soros Fund Management Files 13G on NovaGold Resources (NG) ~ market folly

Tuesday, March 16, 2010

Soros Fund Management Files 13G on NovaGold Resources (NG)

George Soros' hedge fund firm Soros Fund Management recently filed a 13G on shares of NovaGold Resources (NG). The filing was made due to activity on March 11th and in the disclosure we see Soros now has an 8.49% ownership stake in the company with 18,700,164 shares. This is not a new position for them as they previously owned shares as we noted when we looked at Soros' portfolio.

Additionally, we already knew that these NG shares actually came from an offering direct from NovaGold. Interestingly enough, John Paulson's hedge fund Paulson & Co also took part in another NG offering under the same terms. These two hedgies secured shares at a nicely discounted price of $5.50 per share. So, there's nothing wildly new here, but we get a glimpse as to just how much NovaGold Soros now owns.

Taken from Google Finance, NovaGold Resources is "a precious metals company, which is engaged in the exploration and development of mineral properties in Alaska, the United States and British Columbia, Canada. The Company conducts its operations through wholly owned subsidiaries, partnerships and joint ventures. The Company is primarily focused on gold properties, some of which also have copper, silver and zinc resources."

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