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New Found Gold Corp. Completes C$56 Million U.S. Public Offering of Shares
- Client News
- November 6, 2023
Practices
Paul, Weiss advised Vancouver-based New Found Gold Corp. in the offering of 7,725,000 of its common shares, which constituted “flow-through” shares for Canadian tax purposes, representing gross proceeds to New Found Gold of C$56 million. The transaction was structured as a bought deal—a transaction in which the underwriters commit upfront to buy the entire offering from the company—involving a syndicate of underwriters led by BMO Capital Markets and Canaccord Genuity. New Found Gold, which holds a 100% interest in the Queensway Project, a gold mine in Newfoundland and Labrador, Canada, will use the proceeds for exploration expenses.
The Paul, Weiss team included corporate partner Christopher Cummings and tax partner David Mayo.