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New Gold closes C$150 million bought-deal financing

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Canadian-focused intermediate gold miner New Gold (TSE:NGD) closed a C$150 million (US$113 million) bought-deal financing with a syndicate of underwriters led by BMO Nesbitt Burns.

New Gold said it plans to use the proceeds to enhance financial flexibility, strengthen the balance sheet, including debt repayment, and general corporate purposes.

The company runs the Rainy River and New Afton Mines in Canada. The company also operates the Cerro San Pedro Mine in Mexico, which transitioned to residual leaching in 2016.

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