It’s Official… We Are Going Public
I am pleased to announce that on Wednesday, June 24, New Found Gold Corp. filed its preliminary prospectus for its initial public offering.
My team and I launched New Found Gold in 2015 as a vehicle to explore for gold in Newfoundland. Within a few short years, New Found has emerged as a major player in the Province and today is the single largest landholder in all of Newfoundland & Labrador.
In November 2019, New Found made a major discovery with its very first drill hole – 92.9 g/t Au over 19.0 meters in hole NFGC-01 at its 100% owned Queensway Project. This is the best drill intercept ever recorded in the Province’s history!
New Found’s go-public transaction is being co-managed by Canaccord and Bank of Montreal, as part of a larger syndicate that includes Desjardins Securities. The targeted raise is for between $15-25M. Upon completion of the offering, New Found should be launching with $55-70M in cash and cash equivalents. The Company plans to conduct 100,000 meters of drilling at the Queensway Project within 18 months of going public. New Found is expected to begin trading in early August.
Palisades currently owns 44% of New Found; other major shareholders include Novo Resources (TSX-V:NVO), Eric Sprott, and Rob McEwen. New Found Gold is the single largest position held in Palisades Goldcorp’s portfolio.
Achieving a successful go-public transaction for New Found Gold will be a landmark moment for Palisades, bringing increased visibility and brand recognition. Furthermore, it will serve as an important stepping stone for a future go-public event for Palisades.
Over the past few months, Palisades has been actively structuring and participating in financing opportunities throughout the junior resource sector. I believe we have entered the nascent stage of a junior resource bull market, which should provide a strong launchpad for both New Found and Palisades. Please visit our website anytime to keep up to date on news and other happenings
Until next week,
Founder & Executive Chairman
Palisades Goldcorp Ltd.