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New Found Gold launches bought deal financing at C$8/share

New Found Gold (NYSE:NFGC) -5.9% post-market Wednesday after saying it entered into an agreement with underwriters led by BMO Capital, which agreed to buy 6.25M common shares on a bought deal basis at C$8.00 each.

The company granted the underwriters an option to purchase up to an additional 15% of the offering.

New Found Gold (NFGC) said it plans to use the net proceeds from the financing to continue its exploration and drilling efforts at its 100%-owned Queensway Project in Newfoundland.

New Found Gold (NFGC) recently confirmed higher gold grades at the Queensway site.