09:07 AM EDT, 06/03/2025 (MT Newswires) -- New Found Gold Corp. ( NFGC ) was at last look down 1.5% on Tuesday as it closed the first tranche of its previously announced 'bought deal' public offering of 21.4 million charity flow-through common shares of the company that will qualify as 'flow-through shares' at a price of C$2.29 per charity flow-hrough common share, and 4.37 milion common shares at a price of C$1.63 per common share, for aggregate gross proceeds of C$56,129,100.

A statement noted the first tranche of the offering consists of 15,265,000 charity flow through common shares and 4.37 common shares for aggregate gross proceeds of C$42,079,950.

It also noted Eric Sprott intends to participate in the second tranche of the Offering to maintain his approximate 19% shareholdings.