11:10 AM EDT, 05/28/2025 (MT Newswires) -- New Found Gold ( NFGC ) , up 11% on last look, on Wednesday said it has increased the size of its bought deal financing to $56 million from $49 million.

The company has added a new hard dollar tranche of 4.37 million shares at $1.63 each for proceeds of $7 million, in addition to the previously announced 21.4 million charity flow-through units at $2.29 each.

The underwriters have been granted a 15% over-allotment option of the charity flow-through units.

New Found Gold ( NFGC ) will also complete a $20 million non-brokered private placement of 12.3 million shares at $1.63 each. Mining magnate Eric Sprott, who is participating in the offering and private placement, will see his shareholding top 20%. New Found Gold ( NFGC ) said it intends to seek shareholder approval.

"With a significant lead order by Eric Sprott on both the Offering and the Private Placement, the proceeds from the Financing will allow us to advance the Queensway Gold Project to the development stage," said New Found Gold ( NFGC ) Chief Executive Keith Boyle.

The company's shares were last seen up $0.20, to $1.99, on the TSX Venture Exchange.

Price: 2.09, Change: +0.30, Percent Change: +16.48