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 NovaGold share component of the deal is valued at about C$53.4 million based on its Friday close of C$13.81.
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