New Found Closes $56 Million Bought Deal Financing
06 Novembre 2023 - 2:41PM
Business Wire
New Found Gold Corp. (TSXV:NFG | NYSE-A: NFGC) (“New
Found” or the “Company”) is pleased to announce that it
has closed its previously-announced “bought deal” public offering
of 7,725,000 flow-through common shares of the Company (the
“Flow-Through Shares”) that will qualify as “flow-through
shares” (within the meaning of subsection 66(15) of the Income Tax
Act (Canada)) at a price of $7.25 per Flow-Through Share (the
“Offering Price”) for aggregate gross proceeds of
$56,006,250 (the “Offering”).
The Offering included significant participation by existing
shareholders, representing approximately 50% of the issued shares
from the Offering.
The Offering was completed pursuant to an underwriting agreement
dated November 1, 2023, entered into among the Company and a
syndicate of underwriters led by BMO Capital Markets and Canaccord
Genuity Corp. and including Paradigm Capital Inc., Laurentian Bank
Securities Inc., National Bank Financial Inc., Desjardins
Securities Inc., Eight Capital and Roth Canada, Inc.
The gross proceeds of the Offering will be used by the Company
to incur eligible “Canadian exploration expenses” that will qualify
as “flow-through mining expenditures” (as such terms are defined in
the Income Tax Act (Canada)) (the “Qualifying Expenditures”)
related to the Company’s Queensway Project located in Newfoundland,
Canada on or before December 31, 2024. All Qualifying Expenditures
will be renounced in favour of the subscribers effective December
31, 2023.
Following completion of the Offering, the Company will have
approximately $71.4M in cash and marketable securities.
The Flow-Through Shares were offered by way of a prospectus
supplement in each of the Provinces and Territories of Canada
(other than the Province of Quebec) and were also offered by way of
a U.S. prospectus supplement forming part of the Company's
registration statement on Form F-10 in the United States. Copies of
the prospectus supplement and documents incorporated by reference
therein are available electronically on the Canadian Securities
Administrators' System for Electronic Document Analysis and
Retrieval+ (“SEDAR+”) (www.sedarplus.ca) and the SEC's
Electronic Data Gathering and Retrieval System (“EDGAR”)
(www.sec.gov) under New Found’s issuer profile.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
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 500,000m drill program at
Queensway and is well funded for this program.
Please see the Company’s website at www.newfoundgold.ca and the
Company’s SEDAR+ profile at www.sedarplus.ca.
Contact
To contact the Company, please visit the Company’s website 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. Information on the Company’s website does not form a part of
this press release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Information
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 use of proceeds of the
Offering, the tax treatment of the Flow-Through Common Shares, and
the funding of the drill program. 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 tax
treatment of the Charity Flow-Through Common Shares, 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 SEDAR+ at www.sedarplus.ca or through the 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/20231105148533/en/
New Found Gold Corp.
Per: “Collin Kettell” Collin Kettell, Chief Executive Officer
Email: ckettell@newfoundgold.ca Phone: +1 (845) 535-1486
New Found Gold (AMEX:NFGC)
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