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VANCOUVER, BRITISH
COLUMBIA--(Marketwire - Sept. 30, 2009) - Northgate Minerals
Corporation (TSX:NGX)(NYSE Amex:NXG) ("Northgate" or the
"Corporation") is pleased to report that it has closed its
previously announced bought deal offering (the "Offering") in
which a syndicate of underwriters purchased 34,300,000 common shares at
a price of C$2.92 for aggregate gross proceeds of C$100,156,000.
The underwriting syndicate for the Offering was led by CIBC and
included Scotia Capital Inc., Canaccord Capital Corporation, Credit
Suisse Securities (Canada) Inc., Genuity Capital Markets, Merrill Lynch
Canada Inc., Research Capital Corporation, TD Securities Inc. and UBS
Securities Canada Inc.
The Company has granted the underwriters an option, for a period of 30
days following the closing of the Offering, to purchase up to an
additional 5,145,000 Common Shares to cover over-allotments.
The proceeds from the Offering will be used by Northgate to finance the
development of the Young-Davidson project in northern Ontario and for
general corporate purposes.
Northgate is a gold and copper producer with mining operations,
development projects and exploration properties in Canada and
Australia. Northgate is listed on the TSX under the symbol NGX and on
the NYSE Amex under the symbol NXG.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy common shares nor shall there be any
sale of such securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
Cautionary Note Regarding Forward-Looking Statements and Information:
This Northgate press release contains "forward-looking
information", as such term is defined in applicable Canadian
securities legislation and "forward-looking statements"
within the meaning of the United States Private Securities Litigation
Reform Act of 1995, concerning Northgate's future financial or
operating performance and other statements that express management's
expectations or estimates of future developments, circumstances or
results. Generally, forward-looking information can be identified by
the use of forward-looking terminology such as "expects",
"believes", "anticipates", "budget",
"scheduled", "estimates", "forecasts",
"intends", "plans" and variations of such words and
phrases, or by statements that certain actions, events or results
"may", "will", "could", "would"
or "might" "be taken", "occur" or
"be achieved".
Forward-looking information is based on a number of assumptions and
estimates that, while considered reasonable by management based on the
business and markets in which Northgate operates, are inherently
subject to significant operational, economic and competitive
uncertainties and contingencies. Northgate cautions that
forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause Northgate's actual
results, performance or achievements to be materially different from
those expressed or implied by such information, including, but not
limited to gold and copper price volatility; fluctuations in foreign
exchange rates and interest rates; the impact of any hedging
activities; discrepancies between actual and estimated production,
between actual and estimated reserves and resources or between actual
and estimated metallurgical recoveries; costs of production; capital
expenditure requirements; the costs and timing of construction and
development of new deposits; and the success of exploration and
permitting activities. In addition, the factors described or referred
to in the section entitled "Risk Factors" in Northgate's
Annual Information Form for the year ended December 31, 2008 or under
the heading "Risks and Uncertainties" in Northgate's 2008
Annual Report, both of which are available on the SEDAR website at www.sedar.com, should
be reviewed in conjunction with the information found in this press
release. Although Northgate has attempted to identify important factors
that could cause actual results, performance or achievements to differ
materially from those contained in forward-looking information, there
can be other factors that cause results, performance or achievements
not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate or that
management's expectations or estimates of future developments,
circumstances or results will materialize. Accordingly, readers should
not place undue reliance on forward-looking information. The
forward-looking information in this press release is made as of the
date of this press release, and Northgate disclaims any intention or
obligation to update or revise such information, except as required by
applicable law.
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