New Found Announces Closing of $48 Million Investment by Eric Sprott

VANCOUVER, British Columbia — New Found Gold Corp. (“New Found” or the “Company”) (TSXV: NFG, NYSE American: NFGC) is pleased to announce that it has completed its previously announced non-brokered private placement of 5,000,000 common shares of the Company that qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “FT Shares”) at a price of $9.60 per FT Share (the “Financing”), for gross proceeds to New Found of $48,000,000. The FT Shares have a hold period of four months and one day from closing, expiring on March 25, 2022. A cash finders’ fee equal to 0.5% of the gross proceeds of the Financing will be paid to each of Paradigm Capital Inc. and Richardson Wealth Ltd. Mr. Eric Sprott purchased 5,000,000 FT Shares as a result of this Financing and following closing holds approximately 22% of the issued shares of the Company. Read More