Business
New Found Management Exercises 4,980,000 Options, Providing the Company with an Additional $5.25M in Working Capital
New Found Management Exercises 4,980,000 Options, Providing the Company with an Additiona...
About this update from New Found Gold Corp
[{"type":"text","content":"\n \n \n \n New Found Management Exercises 4,980,000 Options, Providing the Company with an Additional $5.25M in Working Capital\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 Jan. 4, 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:\n \n \n \n \n \n \n \n \n \n \n Executive Chairman\n \n Collin Kettell\n \n has exercised 4,280,000 options at a weighted average exercise price of\n \n $1.06\n \n per share for an aggregate investment of\n \n $4,553,625\n \n .\n \n \n CEO\n \n Craig Roberts\n \n has exercised 700,000 options at an exercise price of\n \n $1.00\n \n for an aggregate investment of\n \n $700,000\n \n .\n \n \n As a result of the exercises, working capital of the Company has increased by\n \n $5.25M\n \n to approximately\n \n $67M\n \n .\n \n \n \n \n Collin Kettell\n \n , Executive Chairman of New Found, stated: \"My\n \n $4.55 million\n \n investment has been made as a result of my belief in the discovery potential and upside for New Found as we continue our 100,000 meter drill program at Queensway.\n \n Craig Roberts\n \n our CEO has also made a significant investment commitment reflecting similar views. We have made these investments without selling any New Found shares to cover the\n \n $5.25M\n \n cost of exercising of these options, or the tax liabilities resulting from the exercise. We look forward to what we believe will be an exciting year ahead for our Company in 2021.\"\n \n \n \n \n Stock Options\n \n \n \n \n New Found announces that it has granted stock options exercisable for a total of 6,242,500 common shares in the capital of the Company, to certain officers, directors, employees, and consultants of the Company. These stock options have an exercise price of\n \n $4.10\n \n per option and expire on\n \n December 31, 2025\n \n . The options are governed by the terms and conditions of the Company's amended and restated stock option plan. Following the grant of the st...