New Found Gold Announces Results of Annual General and Special Meeting; Adds Experienced Mining Executive to Board; Restart of Exploration Activities at Queensway Gold Project
Rhea-AI Summary
New Found Gold (NYSE-A: NFGC) announced key corporate developments and operational updates. The company held its Annual General and Special Meeting where shareholders approved the appointment of Tamara Brown to its Board of Directors, expanding the board to seven members. Shareholders also approved creating Eric Sprott as a new Control Person in connection with a C$20 million private placement at C$1.63 per share, expected to close by August 27, 2025.
Additionally, the company announced the restart of heavy equipment exploration activities at its 100% owned Queensway Gold Project in Newfoundland and Labrador, following a reduction in the Fire Weather Index. These activities, including drilling, mulching, and excavating, had been temporarily suspended due to regional forest fire risks.
Positive
- Appointment of experienced mining executive Tamara Brown to Board of Directors strengthens corporate governance
- Secured C$20 million private placement financing at C$1.63 per share
- Resumption of exploration activities at Queensway Project following reduction in fire risk
Negative
- Previous suspension of exploration activities due to forest fire risks indicates operational vulnerability to environmental factors
News Market Reaction – NFGC
In the Aug 21 session, NFGC gained 3.25%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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At the Meeting, disinterested Shareholders voted in favour of an ordinary resolution to approve the creation of Mr. Eric Sprott as a new "Control Person" (as defined by the policies of the TSX Venture Exchange (the "TSXV")). It is anticipated that Mr. Sprott will become a new Control Person upon closing of the previously announced non-brokered private placement of up to 12,269,939 common shares (the "Common Shares") at a price of
In addition, resolutions regarding the following matters were passed by the requisite majority at the Meeting:
- fixing the number of directors at seven;
- appointing KPMG LLP, Chartered Professional Accountants, as auditor of the Company at a remuneration to be fixed by the Board;
- approving the amendment of "
10% rolling" stock option plan of the Company; and - approving the "
5% rolling" share unit plan of the Company.
The Meeting did not consider any matters that were not presented in the management information circular, dated July 8, 2025, that was filed in connection with the Meeting.
Paul Huet, Chairman of New Found, stated "On behalf of the Board of Directors, I would like to welcome Tamara to New Found Gold. With her extensive capital markets experience and depth of knowledge of the mining industry as both a mining executive and a professional engineer, Tamara's addition to the Board continues to strengthen the team and the Company as a whole."
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Resumption of Heavy Equipment Exploration Activities
As a result of a reduction of the Fire Weather Index in the area of the Company's
Keith Boyle, Chief Executive Officer, stated: "The Fire Weather Index across
About New Found Gold Corp.
New Found Gold holds a
The Company has completed an initial mineral resource estimate ("MRE") and preliminary economic assessment ("PEA") at Queensway (see New Found Gold news release dated March 24, 2025 and July 21, 2025).
Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,450 ha project that covers a 110 km strike extent along two prospective fault zones.
New Found Gold has a new management team in place, a solid shareholder base, which includes a
Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.
Contact:
For further information on New Found Gold, please visit the Company's website at www.newfoundgold.ca, contact us through our investor inquiry form at https://newfoundgold.ca/contact/
Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp https://x.com/newfoundgold
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statement Cautions
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating the Private Placement, including the timing of closing thereof, if at all; and the approval by the TSXV and authorization of the NYSE American of the Private Placement. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward- looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV or the NYSE American, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward- looking statements include risks associated with the Company's receiving all the approvals necessary for completion of the Private Placement and the timing of such approvals. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.
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SOURCE New Found Gold Corp.