Loan & DebtMay 4, 2026, 08:41 AM
New Found Gold Secures Cdn.$105M Credit Facility; Raises Cdn.$115M Equity
AI Summary
New Found Gold Corp. has secured a Cdn.$105,000,000 senior secured credit facility from EdgePoint Investment Group Inc., structured in two tranches with an 8.75% fixed annual interest rate over a 3-year term. In connection with this, the company will issue warrants to EdgePoint. Additionally, New Found Gold successfully closed a public offering, raising aggregate gross proceeds of Cdn.$115,055,200, which included the full exercise of the over-allotment option.
Key Highlights
- New Found Gold secured a Cdn.$105,000,000 senior secured credit facility from EdgePoint Investment Group Inc.
- The credit facility is comprised of Tranche 1 for Cdn.$70,000,000 and Tranche 2 for Cdn.$35,000,000.
- Loans under the facility bear a fixed annual interest rate of 8.75% and have a 3-year term.
- The company will issue non-transferable warrants to EdgePoint, with Tranche 1 warrants valued at US$6,000,000 for 2,489,818 shares at $3.30/share.
- New Found Gold closed a public offering for aggregate gross proceeds of Cdn.$115,055,200, including the over-allotment option.
- The public offering involved 33,800,000 common shares at $2.96 per share, plus an additional 5,070,000 shares from the over-allotment option.
- All direct and indirect subsidiaries will guarantee the credit facility with first-lien security interests.