New Found Gold closes $27.3-Million IPO

August 11, 2020

Mr. Craig Roberts reports


New Found Gold Corp. has closed its initial public offering of an aggregate of 21 million common shares at a price of $1.30 per share for total gross proceeds of $27.3-million.

The common shares of the company will commence trading today on the TSX Venture Exchange under the symbol NFG. Canaccord Genuity Corp. and BMO Capital Markets acted as co-lead agents for the offering with respect to a syndicate that included Desjardins Securities Inc.

New Found Gold has granted the agents an overallotment option, exercisable in whole or in part, at the sole discretion of the agents, at any time and from time to time, for a period of 30 days following the closing of the offering, to purchase up to an additional 3.15 million common shares from New Found Gold at the offering price for additional gross proceeds to the company of $4,095,000 if the overallotment option is exercised in full.

About New Found Gold Corp.

The company is a mineral exploration company engaged in the acquisition, exploration and evaluation of resource properties with a focus on gold properties located in the provinces of Newfoundland and Labrador and Ontario, Canada. The company’s principal objective is to explore and develop the Queensway project, which is located near Gander, Nfld.

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