New Found Enters Into Definitive Property Option Agreement, Adds 6.1km of Prospective Strike Length Along Appleton Fault at Queensway North
03 Novembre 2022 - 11:30AM
Business Wire
New Found Gold Corp. (TSXV:NFG | NYSE-A: NFGC) ("New
Found" or the "Company") is pleased to announce that it
has entered into a definitive property option agreement (the
“Option Agreement”) that grants the Company the exclusive
right to acquire a 100% interest (the “Option”) in five
mineral licenses located in the Province of Newfoundland and
Labrador (the “Property”), significantly expanding the
Company’s Queensway North project area.
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the full release here:
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Figure 1. Queensway Project property map,
including recently optioned claims. (Graphic: Business Wire)
Highlights:
- The optioning of this ground further bolsters the Company’s
landholdings to 165,575 hectares and adds an approximately 6.1km
segment of strike along the highly prospective Appleton Fault Zone
(Figure 1).
- The terms of the Option Agreement, detailed below, include cash
and share payments, and importantly do not include any mandatory
work commitments, advanced royalty payments, or granting of
royalties.
Greg Matheson, COO of New Found Gold stated: “Optioning these
mineral licenses provides us with an additional 13,755 hectares of
ground including 6.1km of untested and highly prospective strike
along the Appleton Fault Zone with a very reasonable up-front cost.
We look forward to commencing our initial exploration work on these
new licenses which will focus on generating drill targets. Any
decision on drilling will be made after this first phase of ground
work and evaluation.”
Terms of Option Agreement:
The Option Agreement the Company has entered into is with Aidan
O’Neil, Suraj Amarnani, Joshua Vann and VOA Exploration Inc. (the
“Optionors”). Under the terms of this agreement, the Company
may exercise the Option by (i) issuing an aggregate of 487,078
common shares in capital of New Found (“Common Shares”), and
(ii) making aggregate cash payments of $2,350,000 to the Optionors
as follows:
- $200,000 and 39,762 Common Shares on the later of (i) Staking
Confirmation Date (as defined in the Option Agreement) and (ii) the
receipt of the TSX-Venture Exchange’s (the “TSXV”) approval;
- $200,000 and 39,762 common shares on or before November 2,
2023;
- $250,000 and 69,583 common shares on or before November 2,
2024;
- $300,000 and 89,463 common shares on or before November 2,
2025;
- $600,000 and 129,224 common shares on or before November 2,
2026; and
- $800,000 and 119,284 common shares on or before November 2,
2027.
The transactions contemplated by the Option Agreement, including
the issuance of Common Shares thereunder, are subject to the
approval of the TSXV. Any Common Shares issued under the Option
Agreement will be subject to a hold period of four months and a
day, as well as a voluntary escrow of 24 months for the first share
issuance, and 12 months for any share issuances thereafter.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project,
located 15km west of Gander, Newfoundland and Labrador, and just
18km from Gander International Airport. The project is intersected
by the Trans-Canada Highway and has logging roads crosscutting the
project, high voltage electric power lines running through the
project area, and easy access to a highly skilled workforce. The
Company is currently undertaking a 400,000m drill program at
Queensway, now approximately 74% complete. The Company is well
funded for this program with cash and marketable securities of
approximately $55 million as of November 2022.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR profile at www.sedar.com.
Contact
To contact the Company, please visit the Company’s website,
www.newfoundgold.ca and make your request through our investor
inquiry form. Our management has a pledge to be in touch with any
investor inquiries within 24 hours.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain “forward-looking statements”
within the meaning of Canadian and U.S. securities legislation
(including the Private Securities Litigation Reform Act of 1995),
including statements relating to the TSXV’s acceptance of the
transaction and the timing of the cash payments and share issuances
under the Option Agreement. Although the Company believes that such
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements
are statements that are not historical facts; they are generally,
but not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects,"
"aims," "suggests," "potential," "goal," "objective,"
"prospective," "possibly," and similar expressions, or that events
or conditions "will," "would," "may," "can," "could" or "should"
occur, or are those statements, which, by their nature, refer to
future events. The Company cautions that forward-looking statements
are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made, and they involve a
number of risks and uncertainties. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Except to the extent required by
applicable securities laws and the policies of the TSXV or the NYSE
American, the Company undertakes no obligation to update these
forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause
future results to differ materially from those anticipated in these
forward-looking statements include risks related to the TSXV’s
acceptance of the transaction, the Company’s ability to satisfy
conditions precedent under the Option Agreement; the possibility
that the Company may not be able to secure permitting and other
governmental clearances necessary to carry out the Company's
exploration plans, the risk that the Company will not be able to
raise sufficient funds to carry out its business plans, and the
risk of political uncertainties and regulatory or legal changes
that might interfere with the Company's business and prospects. The
reader is urged to refer to the Company's Annual Information Form
and Management's Discussion and Analysis, publicly available
through the Canadian Securities Administrators' System for
Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com
or through the SEC’s Electronic Data Gathering and Retrieval System
(EDGAR) at www.sec.gov for a more complete discussion of such risk
factors and their potential effects.
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version on businesswire.com: https://www.businesswire.com/news/home/20221103005545/en/
New Found Gold Corp. Per: "Collin Kettell" Collin
Kettell, Chief Executive Officer Email: ckettell@newfoundgold.ca
Phone: +1 (845) 535-1486
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