New Found Gold secures $205 million financing package for Queensway project

New Found Gold Corp. (NYSE American: NFGC) announced a $205 million financing package consisting of a $100 million equity offering and a $105 million credit facility to fund development of its Queensway Gold Project in Newfoundland and Labrador.

The equity component involves a bought deal financing of 33.8 million common shares at $2.96 per share, underwritten by BMO Capital Markets and SCP Resource Finance LP. EdgePoint Investment Group Inc. and Eric Sprott provided lead orders for the offering, which is expected to close April 27, 2026.

EdgePoint also provided the $105 million senior secured credit facility with an 8.75% annual interest rate and three-year term. The facility will be advanced in two tranches: $70 million upon closing and an additional $35 million within 12 months at the company's discretion. Both tranches carry a 1% establishment fee and 2% original issue discount.

As part of the credit facility, New Found Gold will issue non-transferable warrants to EdgePoint. Tranche 1 warrants have a $6 million aggregate value and allow purchase of 2.49 million shares at $3.30 per share. Tranche 2 warrants carry a $3 million value with an exercise price at 25% premium to the share price at funding.

The financing will fund initial capital expenditures for the Queensway Gold Project Phase I and general corporate purposes. New Found Gold withdrew from a previously announced non-binding term sheet with Nebari Natural Resources Credit Fund II.

The company holds 100% interest in both the Queensway project and the Hammerdown Gold Project, which includes milling and tailings facilities. New Found Gold completed a preliminary economic assessment for Queensway in July 2025.

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