24/7 Market News Snapshot 27 May, 2025 – New Found Gold Corp (NYSE:NFGC)

May 27, 2025

DENVER, Colo., 27 May, 2025 (www.247marketnews.com) – (NYSE:NFGC) are discussed in this article.
New Found Gold Corp (NFGC) has experienced a remarkable surge in its stock price, opening at $1.32 and rising by over 68.46% to trade at approximately $2.291. This upward movement is accompanied by a significant trading volume of 4.40 million shares, indicating heightened investor interest and confidence. As the stock surpasses key resistance levels, technical analysis suggests the potential for continued momentum, signaling promising times ahead for the gold exploration company.

To reinforce its growth trajectory, New Found Gold Corp has announced a transformative financing initiative to enhance its exploration and development efforts. The Company has entered into an agreement with BMO Capital Markets and SCP Resource Finance LP to issue 21,400,000 charity flow-through common shares at a price of C$2.29 per share, aiming to raise approximately C$49 million in gross proceeds. The arrangement includes an option for underwriters to purchase an additional 15% of the shares should demand allow, highlighting the strong market interest in the offering.

The capital raised will be allocated towards eligible exploration expenses under Canadian regulations, specifically for the Queensway Gold Project. In addition to this flow-through agreement, New Found Gold plans to execute a non-brokered private placement of up to 12,269,939 non-flow-through common shares, projected to secure an extra C$20 million. Notably, key shareholder Eric Sprott is expected to participate in both the offering and private placement, further solidifying his commitment to the Company’s strategic objectives.

Keith Boyle, CEO of New Found Gold, remarked on the significance of this capital infusion, noting that it presents a crucial opportunity to advance the Queensway Gold Project into its next phase of development. With the financing set to commence soon, the Company is positioned to effectively leverage these resources to unlock its exploration potential and drive sustainable growth and value creation.

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