New Found Gold Corp. Adds US$2M to Treasury: Sale of Third Party Secured Notes

Core Viewpoint - New Found Gold Corp. has successfully sold non-convertible senior secured notes of Maritime Resources Corp. for gross proceeds of US$2,000,000, which will enhance the company's treasury without diluting shareholders [1][2]. Financial Summary - The sale of the notes generated approximately CAD$2,778,000 in gross proceeds [1]. - The company had previously invested US$1,960,000 (CAD$2,638,500) in the notes, which were issued at a 2.0% original issue discount [2]. - New Found Gold has received approximately CAD$500,000 in interest income from the notes [2]. Warrant Details - The issuance of the notes included a 40$0.07 per share until August 14, 2025, with an option for Maritime to extend the expiry until August 14, 2026 [3]. Project Development - New Found Gold holds a 100% interest in the Queensway Gold Project, located in Newfoundland and Labrador, which is recognized for its excellent infrastructure and skilled workforce [4]. - The company has completed an initial mineral resource estimate for the Queensway project and is currently conducting a fully funded preliminary economic assessment, expected to be completed by Q2/25 [4]. Exploration Potential - Recent drilling at the Queensway project has led to new discoveries, indicating significant district-scale potential across the 175,600-hectare area [5]. - The project covers a 110 km strike extent along two prospective fault zones, highlighting its exploration upside [5]. Management and Shareholder Base - New Found Gold has a new management team focused on growth and value creation at the Queensway project [5]. - The company has a solid shareholder base, including a 19% holding by Eric Sprott [5].