- New Found Gold (TSXV:NFG) has closed its bought deal public offering of 7,725,000 flow-through common shares for gross proceeds of $56,006,250
- After completion of the offering, the company will have approximately $71.4 million in cash and marketable securities
- The top-performing gold stock will use the gross proceeds of the offering to incur eligible exploration expenses related to its Queensway project
- New Found Gold opened trading at C$5.18 per share
New Found Gold (TSXV:NFG) has closed its bought deal public offering of 7,725,000 flow-through common shares for gross proceeds of $56,006,250.
The agreement was signed between a syndicate of underwriters led by BMO Capital Markets and Canaccord Genuity Corp., which have agreed to buy the company’s shares at C$7.25 per share.
The company also noted that the offering included significant participation by existing shareholders, representing approximately 50 per cent of the issued shares.
After completion of the offering, the company will have approximately $71.4 million in cash and marketable securities.
The top-performing gold stock will use the gross proceeds of the offering to incur eligible exploration expenses related to its Queensway project in Newfoundland and Labrador. At the project, New Found announced it has nearly completed the Keats Trench and has begun a detailed mapping and sampling program.
New Found Gold holds a 100 per cent interest in the 1,662 square kilometre Queensway project. The company is well-funded for exploration with cash and marketable securities of approximately $39.5 million as of September 2023.
New Found Gold opened trading at C$5.18 per share and the stock is up by 4.0 per cent over the past year.
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