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Paul, Weiss advised Vancouver-based mineral exploration company New Found Gold Corp. in its offering of 25,770,000 common shares, closing in two tranches. The first tranche consisted of 15,265,000 of the company’s common shares, which constituted “flow-through” shares for Canadian tax purposes, and 4,370,000 common shares, representing gross proceeds to New Found Gold of C$42 million. The second tranche of the offering will consist of the further issuance by the company of 6,135,000 “flow-through” shares for additional proceeds of C$14 million. 

New Found Gold, which holds a 100% interest in the Queensway Project, a gold mine in Newfoundland and Labrador, Canada, will use the proceeds for exploration expenses. The underwriters were led by BMO Capital Markets and SCP Resource Finance LP.

The Paul, Weiss team included corporate partner Christopher Cummings and tax partner Matthew Jordan.