#Canada #Vancouver #New Found Gold #Maritime Resources #Queensway Gold

New Found Gold Corp. Adds $2 Million to Treasury from Sale of Secured Notes

On April 14, 2025, New Found Gold Corp. made a significant announcement regarding its financial strategies aimed at enhancing its treasury. The company revealed that it has successfully sold a series of non-convertible senior secured notes from Maritime Resources Corp. This strategic decision has yielded gross proceeds amounting to $2 million (approximately CAD$2.78 million), showcasing New Found Gold’s proactive approach to managing its resources.

Keith Boyle, the CEO of New Found Gold, highlighted the importance of this transaction by stating, "Given our recent completion of a robust initial mineral resource estimate for our wholly-owned Queensway Gold Project, the timing could not be better for us to monetize these notes. This sale adds substantial financial flexibility to our treasury without causing any dilution for our shareholders."

The secured notes were part of a brokered note offering conducted by Maritime Resources in which New Found Gold participated back on August 14, 2023. The issuance of these notes began with a gross investment of approximately $1.96 million (CAD$2.64 million), with some returns being realized as the company received nearly CAD$500,000 in interest from these notes. Furthermore, the notes come with a 40% warrant coverage, resulting in the company obtaining over 15 million warrants. Each of these warrants enables the purchase of shares from Maritime at a set price of $0.07 per share, valid until August 14, 2025, with the potential for extensions.

New Found Gold is currently focusing on the Queensway Gold Project located in Newfoundland and Labrador, a region known for its favorable mining conditions. The company has recently completed an initial mineral resource estimate, which positions it well for future economic assessments anticipated to conclude in the second quarter of 2025. The promising drilling results suggest that the project has considerable growth potential, expanding across 175,600 hectares and covering a remarkable 110 km strike along two key fault zones.

This upward trajectory in mineral resource estimates aligns with New Found Gold’s new management strategy, which emphasizes growth and value creation at Queensway. The company enjoys strong backing from investors, including a notable 19% stake held by Eric Sprott, adding further confidence to its market potential.

As the company moves forward, exciting developments are expected as drilling continues to reveal new opportunities in the area, indicating a thriving future for the Queensway Gold Project. With these financial advancements, New Found Gold Corp. is well-positioned to capitalize on the growing interest in gold exploration and extraction, especially amid evolving economic conditions.

For more information, investors can visit New Found Gold’s official website and access relevant financial documents through SEDAR+.

Contact Information:
For inquiries, reach out to Fiona Childe, Vice President of Communications at New Found Gold Corp. via phone at +1 (416) 910-4653 or email at [email protected].

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Both the TSX and its regulation service providers have acknowledged the release while emphasizing that they accept no responsibility for its accuracy or completeness. Investors should exercise caution when interpreting forward-looking statements that hint at future performance and consult the company’s annual reports for additional insights into potential risks and opportunities within the sector.