Mentioned:
One of the most successful mining investors in the world is deepening his stake in a publicly traded gold company. And they’re aiming to bring a new mine into production in Newfoundland, Canada.
What’s happening:
- New Found Gold (NYSE: NFGC) has secured $205M CAD in a new equity and debt financing round
By the numbers:
- New Found Gold will raise $100M CAD through an equity financing round and get access to an additional $105M CAD through a senior secured credit facility
Why it matters:
- Billionaire mining investor and entrepreneur Eric Sprott is one of the lead investors in the equity financing round for New Found Gold alongside of Canadian asset management company EdgePoint Investment Group
Going deeper:
- New Found Gold has publicly stated they will use the new growth capital to accelerate bringing the Queensway Gold Project located in Newfoundland, Canada into production
- The Queensway Gold Project is widely considered to be one of the highest grade, near surface gold discoveries in all of North America
The intrigue:
- EdgePoint Investment Group is investing the equity financing round as well as providing the senior secured credit facility to New Found Gold
