NFGC · New Found Gold Corp.

New Found Gold Corp. significantly strengthened its capital structure through concurrent equity and debt financings totaling over $220 million in gross commitments. The bought deal public offering, led by BMO Capital Markets and SCP Resource Finance LP with a broad syndicate, raised $115 million via 38.87 million shares at $2.96, exceeding the initial $100 million target due to full exercise of the 15% over-allotment option. This enhances liquidity for exploration and development at the Company's gold projects. Related party participation by major shareholder Eric Sprott (maintaining ~19% stake) and insiders like CEO Keith Boyle underscores alignment but triggered MI 61-101 review, from which exemptions were secured based on deal size and market terms. Complementing this, the $105 million CAD senior secured facility from EdgePoint provides flexible non-dilutive capital in two tranches, with Tranche 1 ($70M) available post-closing conditions and Tranche 2 ($35M) optional within a year. At 8.75% fixed interest over three years, plus fees and OID, it reflects project finance pricing with full collateralization and subsidiary guarantees. Embedded warrants (exercisable at $3.30 for Tranche 1 and 25% premium for Tranche 2) offer EdgePoint equity upside, subject to TSXV/NYSE approvals. These transactions position the Company for accelerated advancement of its Queensway gold project while diversifying funding sources beyond pure equity.