Paradigm Capital Hey, its a dirty business. They were involved in the raise also.
New Found Gold closes $48-million private placement
2021-11-24 14:20 ET - News Release
Mr. Craig Roberts reports
NEW FOUND ANNOUNCES CLOSING OF $48 MILLION INVESTMENT BY ERIC SPROTT
New Found Gold Corp. has completed its previously announced non-brokered private placement of five million common shares of the company that qualify as flow-through shares for the purposes of the Income Tax Act (Canada) at a price of $9.60 per flow-through share for gross proceeds to New Found of $48-million. The flow-through shares have a hold period of four months and one day from closing, expiring on March 25, 2022. A cash finder's fee equal to 0.5 per cent of the gross proceeds of the financing will be paid to each of Paradigm Capital Inc. and Richardson Wealth Ltd. Eric Sprott purchased five million flow-through shares as a result of this financing and following closing holds approximately 22 per cent of the issued shares of the company.
The gross proceeds from the issuance of the flow-through shares will be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, as those terms are defined in the Income Tax Act (Canada) related to the company's Queensway project located in Newfoundland, Canada, and on the company's Lucky Strike project located in Ontario, Canada.
The company did not file a material change report more than 21 days before the closing of the financing, which the company deemed reasonable and necessary in the circumstances in order to complete the financing in a timely manner.
About New Found Gold Corp.
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