New Found Gold Corp. (TSXV: NFG, NYSE American: NFGC) closed a bought‑deal public offering of 38,870,000 common shares at an offering price of $2.96 per share, fully exercising the underwriters’ over‑allotment option for an additional 5,070,000 shares. The transaction generated gross proceeds of $115,055,200, the same amount reported in the company’s announcement on April 27, 2026.
The company will deploy the proceeds to accelerate development of its Queensway gold project and to support general corporate and working‑capital needs. Queensway is the company’s flagship asset, with a technical report due later in 2026 and a target for first gold pour in the second half of 2027. The capital infusion will fund engineering, permitting and early construction activities that are critical to reaching that milestone.
This equity raise is part of a broader $205 million financing package announced on April 20, 2026, which also included a $105 million senior secured credit facility. The equity component was fully subscribed, and the over‑allotment option was exercised, indicating strong investor confidence. BMO Capital Markets led the underwriting, with a syndicate of underwriters supporting the deal.
The financing strengthens New Found Gold’s balance sheet, providing the liquidity needed to advance both Queensway and its secondary Hammerdown project. By reducing reliance on debt and improving cash flow flexibility, the company positions itself to pursue production and potential future capital projects without compromising its strategic timeline.
The successful closing of the offering demonstrates robust market demand for the company’s assets and management team, reinforcing investor confidence in New Found Gold’s development strategy and its ability to deliver on its production targets.
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