New Found Gold and Maritime Resources Announce Closing of Previously Announced Arrangement: Creation of an Emerging Canadian Gold Producer

Core Viewpoint - New Found Gold Corp. has successfully completed the acquisition of Maritime Resources Corp., transforming into an emerging Canadian gold producer with significant exploration potential and two high-quality assets [2][4][6]. Transaction Details - New Found Gold acquired all outstanding shares of Maritime Resources through a statutory plan of arrangement, with each holder of Maritime Shares receiving 0.75 of a New Found Gold common share in exchange for each Maritime Share [5][7]. - Following the transaction, New Found Gold shareholders hold approximately 69% of the combined company, while former Maritime Resources shareholders hold about 31% on a fully-diluted basis [5]. Management Changes - Allen Palmiere has joined the board of directors of New Found Gold, while Melissa Render has resigned from the board [3][5]. - All directors and officers of Maritime Resources have also resigned from their positions [3]. Company Strategy and Assets - New Found Gold is focused on bringing the Hammerdown Gold Project into steady-state production, alongside the Queensway Gold Project, both located in a Tier 1 jurisdiction [4][16]. - The Maritime Division includes over 43,900 hectares of exploration land and mineral processing assets in the Baie Verte mining district [16]. Financial Aspects - New Found Gold has entered into a debt settlement agreement to settle approximately $3.28 million in outstanding debt by issuing 1,085,003 New Found Gold Shares at a deemed price of $3.02 per share [13][14]. - The closing of the Shares for Debt Transaction is subject to customary closing conditions, including approvals from TSXV and NYSE American [15].