11:13 AM EDT, 08/27/2025 (MT Newswires) -- New Found Gold ( NFGC ) on Wednesday closed a non-brokered private placement of 12.3-million shares to mining financier Eric Sprott, raising $20 million.

The Canadian billionaire businessman now beneficially owns or controls 56.2-million shares of the company, a 23.1% stake on a non-diluted basis. Sprott became a new "Control Person", which was approved by disinterested shareholders of the company at the Annual General and Special Meeting held on August 20, following closing of the private placement.

Proceeds will be used to advance its Queensway Gold project and for general corporate and working capital needs.

Shares of the company were last seen down $0.02 to $2.30 on the TSX Venture Exchange.

Price: 2.30, Change: -0.02, Percent Change: -0.86