New Found Gold Closes $15 million Flow-Through Financing at $5.25/Share

About this update from New Found Gold Corp

[{"type":"text","content":"\n \n \n \n New Found Gold Closes $15 million Flow-Through Financing at $5.25/Share\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n April 8, 2021\n \n /CNW/ -\n \n New Found Gold Corp.\n \n (\"\n \n New Found\n \n \" or the \"\n \n Company\n \n \") (TSXV: NFG) (OTC: NFGFF) is pleased to announce that it has completed its previously announced non-brokered private placement of 2,857,000 common shares of the Company that qualify as \"flow-through shares\" for the purposes of the Income Tax Act (\n \n Canada\n \n ) (the \"\n \n FT Shares\n \n \")  at a price of\n \n $5.25\n \n per FT Share (the \"\n \n Financing\n \n \"), for gross proceeds to New Found of\n \n $14,999,250\n \n . The FT Shares have a hold period of four months and one day from closing, expiring on\n \n August 9, 2021\n \n . On closing, a cash finders' fee equal to 3.5% of the gross proceeds of the Financing was paid to Clarus Securities Inc. Mr.\n \n Eric Sprott\n \n purchased 2,857,000 shares as a result of this Financing and following closing holds approximately 18.4% of the issued shares of the Company.\n \n \n \n \n \n \n \n \n \n The gross proceeds from the issuance of the FT Shares will be used for \"Canadian exploration expenses\" and will qualify as \"flow-through mining expenditures\" (the \"\n \n Qualifying Expenditures\n \n \"), as those terms are defined in the Income Tax Act (\n \n Canada\n \n ), which will be renounced to the initial purchasers of the FT Shares with an effective date no later than\n \n December 31, 2021\n \n in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada Revenue Agency or the Company fails to renounce Qualifying Expenditures in an amount equal to the gross proceeds, the Company will indemnify each initial purchaser of FT Shares for any additional taxes payable.\n \n \n \n About New Found Gold Corp.\n \n \n New Found holds a 100% interest in the Queensway Project, located 15 km west of\n \n...

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