Find new gold (TSXV: NFG; US-NYSE American: NFGC) announced that it has secured $205 million in financing through a dual approach combining equity and debt financing.
The mining company structured the package around a US$100 million financing deal along with a US$105 million senior secured credit facility. EdgePoint Investment Group Inc. Both components, while long-time backer Eric Sprott installed the stock portion.
“We are pleased to announce this comprehensive financing package, consisting of market share financing and a senior secured credit facility on terms superior to those previously contemplated,” commented Keith Boyle, CEO of New Found Gold.
He continued: “With today’s announcement, we have secured financing for the initial capital expenditure required to bring the first phase of Queensway’s flagship gold project into production, in line with our development schedule. EdgePoint’s participation as guarantor of the credit facility, as well as co-leading the equity component of this financing package, is a testament to Queensway’s asset quality and the company’s ability to deliver on its cash flow mandate. We thank our anchor investor Eric Sprott and our newest shareholder, EdgePoint, along with our existing and other new shareholders, For their participation in the equity portion of this financing package.”
EdgePoint’s support represents a major vote of confidence in the Newfoundland-based venture. The investment company will guarantee the credit facility while co-leading the equity component.
Frank Mullen, IT Director at EdgePoint, commented: “We are excited to partner with the New Found Gold team on the Queensway development. This opportunity aligns with our strategy to invest in assets that demonstrate compelling economics in attractive mining regions.” “Queensway is uniquely positioned for near-term cash flow via a fast track to production with excellent upstream potential which should translate into attractive project economics.”
This announcement means that New Found Gold will exit its previously announced arrangement with Nebari Natural Resources Credit Fund II, LP, which includes a secured loan facility and the issuance of guarantees described in a press release dated March 5, 2026.
Details of stock components
BMO Capital Markets and SCP Resource Finance LP will co-lead financing for the acquired transactions, working with a group of underwriters to purchase 33.8 million common shares at a price of $2.96 per share. Underwriters received a 15% over-allotment option exercisable within 30 days of closing.
New Found Gold plans to direct the proceeds toward the development of its wholly-owned Queensway Gold Project and general corporate purposes.
The shares will trade across Canadian provinces and territories, excluding Quebec and Nunavut, using a prospectus supplement to the Company’s current shelf prospectus as of May 23, 2025. U.S. investors may access the offering through a separate prospectus supplement.
The deal requires regulatory approval from both the TSX Venture Exchange and NYSE American, with a target closing of April 27, 2026.
More information is available at www.NewFoundGold.ca
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