New Found Gold Corp V.NFG

Alternate Symbol(s): NFGC

Metals & Mining Gold

New Found Gold Corp. is a Canada-based mineral exploration company. The Company is engaged in the acquisition, exploration, and evaluation of resource properties with a focus on gold properties located in Newfoundland and Labrador, Canada. The Company holds a 100% interest in the Queensway Project, which comprises an approximately 1,662 square kilometers area, located about 15 kilometers (km) west of Gander, Newfoundland and Labrador, and just 18 km from Gander International Airport. The Queensway Project is divided by Gander Lake into Queensway North and Queensway South. The Company also owns a 100% interest in the Kingsway property, which consists of 264 claims on three licenses covering approximately 77 square kilometers. The project is located approximately 18km northwest of the town of Gander, Newfoundland. The Company is undertaking a 650,000-meter drill program on Queensway. It has royalty interests underlying Keats South and several additional zones in Queensway.

TSXV:NFG - Post by User

New Found Gold Corp > Shoot me if I'm wrong, but

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Comment by JRafflesUKon Aug 18, 2021 11:15am

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Post# 33723343

RE:RE:Shoot me if I'm wrong, but

This was an equity offering. No debt was assumed and NFG remains debt free!

Precisely .... and $50m on a market cap of ~1.5bn, is only approx a 3% dilution, but which increases the cash held by about 66% from $75m.

Since the initial cash raised was earmarked for the 20m of drilling, then the bought deal may be for mine permitting?

It would have helped if NFG gave more background to the equity raised.

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