10:54:14 EST Fri 03 Dec 2021
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or Name

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New Found Gold Corp
Symbol NFG
Shares Issued 158,717,778
Close 2021-11-24 C$ 7.53
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New Found closes acquisition of royalty interests

2021-11-25 14:12 ET - News Release

Mr. Craig Roberts reports


New Found Gold Corp. has closed its previously-announced acquisition of three royalty interests with arm's length royalty holders, whereby New Found purchased 100 per cent of each Vendor's royalty interests, each equal to 0.2 per cent of net returns for an aggregate of 0.6 per cent of net returns from the company's Linear and JBP Linear properties. These properties cover key target areas on the company's Queensway project and include the company's Keats, Golden Joint, and Lotto discoveries.

Pursuant to the acquisition, New Found paid $1.3-million cash consideration and issued 152,941 common shares in the capital of the company to each vendor, for an aggregate cash consideration of $3.9-million and aggregate share consideration of 458,823 common shares.

All securities issued pursuant to the royalty purchase agreements will be subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the royalty purchase agreements.

About New Found Gold Corp.

New Found holds a 100-per-cent-interest in the Queensway project, located 15 kilometres west of Gander, Nfld., and just 18 km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The company is currently undertaking a 400,000-metre drill program at Queensway. The company is well funded for this program with a current working capital balance of approximately $140-million.

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