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New Found Gold Announces Initial Draw of $70M Funding Under EdgePoint Senior Secured Credit Facility
All amounts in Canadian dollars unless otherwise noted Vancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE
About this update from New Found Gold Corp
[{"type":"text","content":" All amounts in Canadian dollars unless otherwise noted Vancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) (\"New Found Gold\" or the \"Company\") is pleased to announce EdgePoint Investment Group Inc. (\"EdgePoint\") has funded the initial draw of $70,000,000 under the previously announced $105,000,000 senior secured credit facility (see the New Found Gold press release dated April 20, 2026). \"Following the receipt of the $70M Tranche 1 funding, together with the $115M raised in the recently completed oversubscribed bought deal financing, we are now fully funded to advance Queensway Phase 1 development and construction and bring the project into production in late 2027, in line with our development timeline,\" Keith Boyle, CEO of New Found Gold, commented. \"With this key milestone complete, we are pleased to welcome EdgePoint as both a cornerstone investor and a valued partner in this next phase of development. Over the course of the next year, the Company will remain focused on disciplined execution as we advance Queensway toward production.\" Tranche 1 Funding On April 20, 2026, the Company entered into a credit agreement with EdgePoint providing for a senior secured credit facility of up to $105,000,000 (\"the Credit Facility\") (see the New Found Gold press release dated April 20, 2026). The loans under the Credit Facility are to be advanced in two tranches: $70,000,000 (the \"Tranche 1 Funds\") to be funded upon delivery of the security package and the satisfaction of certain other conditions precedent (\"Tranche 1\") and an additional $35,000,000 (the \"Tranche 2 Funds\") to be funded no later than 12 months after the Tranche 1 drawdown date at the discretion of the Company. With the Company having delivered the security and satisfied the conditions for Tranche 1 funding, EdgePoint has advanced the Tranche 1 Funds. Such advance reflects a principal amount subject to an original issue discount of 2.00%. In connection with the advance of the Tranche 1 Funds, the Company issued to EdgePoint and its nominees 2,489,818 non-transferable warrants (the \"Tranche 1 Warrants\") having an aggregate value of US$6,000,000. Each Tranche 1 Warrant entitles the holder to purchase one common share of the Company (each, a \"Common Share\") at an exercise price of $3....