NFGC · New Found Gold Corp.

New Found Gold Corp. closed a bought deal public offering of 38,870,000 common shares at $2.96 per share, including full exercise of the underwriters' over-allotment option of 5,070,000 shares, for aggregate gross proceeds of $115,055,200. The offering was led by BMO Capital Markets and SCP Resource Finance LP, with a syndicate of underwriters. Both EdgePoint Investment Group Inc. and Eric Sprott participated, with Sprott maintaining his approximate 19% shareholding. The net proceeds will be used to advance the Queensway Gold Project and for general corporate and working capital purposes. The offering was completed via prospectus supplements in Canada and the U.S., and remains subject to final TSXV approval. The participation of insiders, including directors and officers, constituted a related party transaction under MI 61-101, for which the company relied on exemptions from valuation and minority shareholder approval. This financing strengthens the company's balance sheet to support its flagship Queensway project and Hammerdown deposit development.