New Found Gold Secures CA$205 Million Financing Package

MT Newswires Live04-20

New Found Gold (NFGC) said Monday it arranged a 205 million Canadian dollar ($149.7 million) financing package consisting of an equity offering and a senior secured credit facility.

The company will raise CA$100 million through a bought-deal equity transaction by selling 33.8 million common shares priced at CA$2.96 each, the company said.

The remaining CA$105 million will come from a three-year senior secured credit facility with an 8.75% fixed annual interest rate.

The company also said it will not proceed with the secured loan facility and warrant issuance contemplated in a non-binding term sheet with Nebari Natural Resources Credit Fund II, LP.

Proceeds from the combined transactions will be used to advance the Queensway Gold Project and support the ramp-up of the Hammerdown Gold Project, as well as for general corporate and working capital purposes, the company added.

The company's shares were up 2.5% in Monday premarket trading.

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