New Found Gold (TSXV: NFG) this morning announced that it has completed its $27.3 million initial public offering as of today, indicating that the much anticipated equity will begin trading as of market open this morning. The firms claim to fame is its flagship gold property known as the Queensway Project, located near Gander, Newfoundland.
The firms IPO round saw a total of 21,000,000 common shares of the firm issued at a price of $1.30 per share. No warrants were issued in connection with the offering. Canaccord Genuity and BMO Capital Markets acted as co-lead agents on the offering.
An over allotment option does exist in connection with the raise, enabling the agents to sell up to an additional 3.15 million common shares for a period of 30 days following the close of the offering. If exercised, it would enable the company to bring in an additional $4.1 million in gross proceeds if exercised in full.
New Found Gold will commence trading under the symbol “NFG” on the TSX Venture Exchange.
Information for this briefing was found via Sedar and New Found Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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