09:13 AM EDT, 05/17/2024 (MT Newswires) -- New Gold Inc. ( NGD ) on Friday closed its 'bought deal' equity financing of 100,395,000 common shares, including 13,095,000 common shares issued upon the full exercise of the underwriters' over-allotment option. At a price of US$1.72 per common share, the company raised aggregate gross proceeds of $172,679,400 pursuant to the offering. The offering, announced on May 13, 2024, was conducted by a syndicate of underwriters.

The company said it intends to use the net proceeds of the offering to fund a portion of the cash payment to complete the previously announced agreement relating to its strategic partnership with Ontario Teachers' Pension Plan Board at the New Afton mine, whereby New Gold ( NGD ) will increase its effective free cash flow interest in New Afton to 80.1%.