$NFG.V

New Found Gold Raises C$115M Via Bought Deal Financing

New Found Gold (NFG.V) closed its previously announced "bought deal" public offering for aggregate gross proceeds of $115.1 million, including the exercise, in full, of the underwriters' over-allotment option, the company said Monday.The offering involved the offering of near 38.9-million common shares at $2.96 apiece, including the over-allotment option of 5,070,000 common shares, it added.Both EdgePoint Investment Group Inc. and billionaire businessman Eric Sprott participated in the offering with co-lead orders, the company said, adding Sprott maintained his approximate 19% shareholdings.Proceeds will be used to advance its 100% owned Queensway Gold project and for general corporate and working capital needs, it said.Shares of the company were last seen down 1.8% at $2.77 on the TSX Venture Exchange.Price: $2.78, Change: $-0.04, Percent Change: -1.42%

New Found Gold Up In US Premarket As Announces $205M Funding Package to Advance Queensway Project

New Found Gold (NFG.V) was at last look up 1.6% in US Premarket trade Monday after announcing a $205 million finance package made up of a $100 million bought deal shares financing with lead orders from EdgePoint Investment Group and cornerstone investor Eric Sprott and a $105 million senior secured credit facility with EdgePoint.In a statement it said proceeds will be used to advance the Queensway gold project in Newfoundland.The company will issue 33.8 million shares at $2.96 each, to raise $100 million. The underwriters have also been granted a 15% over-allotment option.New Found Gold has also sealed a deal with EdgePoint for a secured credit facility of up to $105 million. The funds will be advanced in two tranches: $70 million and $35 million. Both tranches will be released when certain conditions are met.In return, New Found Gold will issue non-transferable share purchase warrants to EdgePoint totalling US$9 million: US$6 million worth of warrants will be issued on Tranche 1, which will be exercisable for 2.5 million shares at $3.30 each. The Tranche 2 warrants, totalling US$3 million will be exercisable for shares at a price equal to a 25% premium to the closing price of the shares on the TSX Venture immediately before the Tranche 2 funding date.New Found Gold says the $205 million funding package covers the initial capital expenditures required to bring its flagship Queensway Gold Project-Phase I into production. It added that it will not proceed with the US$75 million secured loan facility and warrants issue with Nebari Natural Resources Credit Fund II, announced in early March.New Found Gold closed up $0.09 or 3.1% to $2.96, on the TSX Venture Exchange on Friday.

New Found Gold Announcing $205M Finance Package