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Eric Sprott maintains his interest in New Found Gold by participating in its recent offering

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(Kitco News) - New Found Gold (TSXV: NFG, OTC: NFGFF) announced Tuesday that it has closed its previously-announced offering of 5,048,500 flow-through common shares of the company for gross proceeds of $57,502,415.
The company said that the offering was completed pursuant to an underwriting agreement dated August 19, 2021, entered into among the company and a syndicate of underwriters.

New Found noted that Mr. Eric Sprott participated for roughly 19.9% of the financing to maintain his interest in the company.

According to a statement, the gross proceeds of the offering will be used by the company to incur exploration expenses related to the company’s Queensway project located in Newfoundland, Canada and on the company’s Lucky Strike project located in Ontario, Canada on or before December 31, 2022.

New Found added it will have approximately $118 million in working capital post-closing of the offering and that the company is well funded for this exploration program.

New Found holds a 100% interest in the Queensway project, located 15km west of Gander, Newfoundland, and just 18km from Gander International Airport. The company is currently undertaking a 200,000m drill program at Queensway. Nine rigs are currently in operation at Queensway with the drill count planned to increase to ten rigs by Q3 2021.

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