The Base Shelf Prospectus is accessible, and the Prospectus Supplement will be accessible, within two business days, through SEDAR+
All amounts in Canadian dollars unless otherwise noted
VANCOUVER, British Columbia, April 20, 2026 (GLOBE NEWSWIRE) -- New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV:NFG, NYSE:NFGC) is pleased to announce a finance package consisting of (i) a $100M bought deal equity financing with lead orders from EdgePoint Investment Group Inc. ("EdgePoint") and cornerstone investor Eric Sprott and (ii) a $105M senior secured credit facility with EdgePoint, for total gross proceeds of $205M.
"We are pleased to announce this comprehensive finance package, consisting of an at-market equity bought deal financing and a senior secured credit facility at superior terms to those previously contemplated. With today's announcement, we have secured funding for the initial capital expenditures required to bring our flagship Queensway Gold Project-Phase I into production, in line with our development schedule. The participation of EdgePoint as the underwriter of the credit facility, as well as co-lead on the equity component of this finance package, is a testament to the quality of the Queensway asset and the Company's ability to deliver on its mandate of getting to cash flow. We thank our long-time cornerstone investor Eric Sprott and our newest shareholder, EdgePoint, along with existing and other new shareholders, for their participation in the equity portion of this finance package," commented Keith Boyle, CEO of New Found Gold.
"We are excited to partner with the New Found Gold team in the development of Queensway. This opportunity aligns with our strategy of investing in assets that demonstrate compelling economics in attractive mining jurisdictions," CIO of EdgePoint, Frank Mullen, commented. "Queensway is uniquely positioned for near-term cash flow via a rapid path to production with excellent exploration upside potential which should translate into attractive project economics."
The Company will not be proceeding with the secured loan facility and warrants issuance contemplated in the non-binding term sheet with Nebari Natural Resources Credit Fund II, LP (see the New Found Gold press release dated March 5, 2026).
Bought Deal Financing
The Company has entered into an agreement with BMO Capital Markets and SCP Resource Finance LP, on behalf of themselves and a syndicate of underwriters, (collectively, the "Underwriters") co-led by BMO Capital Markets and SCP Resource Finance LP, under which the Underwriters have agreed to buy, on a "bought deal" basis, 33,800,000 common shares of the Company (the "Common Shares") at a price of $2.96 per Common Share (the "Offering Price") for aggregate gross proceeds of approximately $100 million (the "Offering"). The Company has granted the Underwriters an over-allotment option, exercisable at the Offering Price up to 30 days following the closing of the Offering, to purchase up to an additional 15% of the Common Shares issued in connection with the Offering, to cover over-allotments, if any.
The net proceeds from the Offering will be used by the Company to advance its 100% owned Queensway Gold Project ("Queensway") and for general corporate and working capital purposes.
The Common Shares will be offered in all of the provinces and territories of Canada, excluding Quebec and Nunavut, by way of a prospectus supplement (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated May 23, 2025 (the "Base Shelf Prospectus"). The Common Shares will also be offered by way of a U.S. prospectus supplement to the Company's base shelf prospectus (collectively, the "U.S. Prospectus") forming part of the Company's registration statement on Form F-10 in the United States. The Offering is expected to close on or about April 27, 2026.
The closing of the Offering is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange (the "TSXV") and authorization of the NYSE American LLC (the "NYSE American").
Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to such documents. The Base Shelf Prospectus is, and ...
