- Mining company, New Found Gold (NFG) has closed its initial public offering of 21 million shares, after raising C$27.3 million
- The company sold its common shares for $1.30 each during the offering
- New Found Gold is focused on acquiring, exploring, and evaluating resource properties in Newfoundland and Labrador, and Ontario
- The company’s common shares have been accepted for trading on the TSXV, under the ticker code NFG
- New Found Gold (NFG) will begin trading on the TSX Venture Exchange today
Mining company, New Found Gold (NFG) has closed its initial public offering of 21 million shares, after raising C$27.3 million.
During the offering, the company’s common shares had a purchase price of $1.30 per share.
Canaccord Genuity Corp and BMO Capital Markets acted as co-lead agents on the offering, with respect to a syndicate including Desjardins Securities Inc.
New Found Gold has granted those agents an over-allotment option, which is exercisable in whole or in part, at their sole discretion. For a period of 30 days, sometime after the offering has closed, the agents can buy up to 3.15 million common shares in New Found Gold.
At any time, and from time to time, the agents will be able to buy the common shares at the offering price of $1.30 each. Once the over-allotment option is exercised in full, this will result in an additional $4.09 million in gross proceeds for the company.
As a mineral exploration company, New Found Gold is engaged in acquiring, exploring, and evaluating resource properties. In particular, the company’s focus is on gold properties, located in the Canadian provinces of Newfoundland and Labrador, and Ontario.
At this time, New Found Gold’s principal objective is to explore and develop the Queensway Project, located near Gander in Newfoundland. The property has previously revealed significant gold mineralisation, with two additional gold zones recently discovered.
The company’s common shares have been accepted for trading on the TSXV, under the ticker code NFG.
New Found Gold’s (NFG) common shares will begin trading on the TSX Venture Exchange today.