Canada's Copper Canyon Resources Ltd agreed to be bought by NovaGold Resources Inc in an all-stock deal, sending Copper Canyon's shares up 29 percent to their highest in over four years.
NovaGold will issue 0.0735 of its shares for every Copper Canyon share, and one share of a new company -- holding most of Copper Canyon's assets -- for every four Copper Canyon shares.
The new company will hold almost all of Copper Canyon's assets, except its 40 percent stake in the Copper Canyon copper-gold-silver mine in British Columbia, the company said in a statement.
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