10:05 AM EDT, 08/27/2025 (MT Newswires) -- New Found Gold ( NFGC ) said Wednesday that it has completed its non-brokered private placement of about 12.3 million shares worth about 20 million Canadian dollars ($14.4 million) to shareholder Eric Sprott.

The common shares have a hold period of four months and one day from closing, expiring on Dec. 27, the company said.

Sprott, whom New Found Gold ( NFGC ) Chief Executive Keith Boyle calls the company's largest shareholder, now owns 56.2 million shares, or about 23.1%, according to a statement.

The company said proceeds will be used for its Queensway gold project and for general corporate purposes.

Shares of the company were down more than 1% in recent Wednesday trading.

Price: 1.66, Change: -0.03, Percent Change: -1.48