NovaCopper's largest shareholder adds 5.2M shares through warrant exercise Electrum Strategic Resources has elected to exercise the entirety of its 31.34M NovaGold share purchase warrants. Each NovaGold share purchase warrant allows the holder to purchase one NovaGold common share and one-sixth of a NovaCopper common share at an exercise price of C$1.48. These warrants were to expire January 21, 2013. The entire cash proceeds of this warrant exercise have been remitted to NovaGold. NovaGold received proceeds of C$46.4 million on December 31, 2012 from the exercise of the entirety of the warrants.