New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE
American: NGD) is pleased to announce that it has closed its
previously announced offering (the “Offering”) of common shares of
the Company (“Common Shares”) with a syndicate of underwriters. An
aggregate of 93,750,000 Common Shares were issued by the Company at
a price of C$1.60 per share for aggregate proceeds of C$150
million. New Gold intends to use the proceeds to enhance financial
flexibility, strengthen the balance sheet, including debt
repayment, and general corporate purposes.
The syndicate of underwriters was led by BMO Nesbitt Burns Inc.
and included RBC Dominion Securities Inc., Scotia Capital Inc.,
CIBC World Markets Inc., TD Securities Inc., J.P. Morgan Securities
Canada Inc., Merrill Lynch Canada Inc., Credit Suisse Securities
(Canada), Inc., National Bank Financial Inc., Canaccord Genuity
Corp., Cormark Securities Inc., Eight Capital, GMP Securities L.P.,
Laurentian Bank Securities Inc., Paradigm Capital Inc. and Raymond
James Ltd.
The Offering was completed by way of a short form prospectus in
all of the provinces and territories of Canada and was offered by
way of private placement in the United States.
About New Gold Inc.
New Gold is a Canadian-focused intermediate gold mining Company.
The Company has a portfolio of two core producing assets in
top-rated jurisdictions, the Rainy River and New Afton Mines in
Canada. The Company also operates the Cerro San Pedro Mine in
Mexico (which transitioned to residual leaching in 2016). In
addition, New Gold owns 100 per cent of the Blackwater project
located in Canada. New Gold’s objective is to be a leading
intermediate gold producer, focused on the environment and social
responsibility. For further information on the Company, please
visit www.newgold.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this press release, including
any information relating to New Gold’s future financial or
operating performance are “forward-looking”. All statements in this
press release, other than statements of historical fact, which
address events, results, outcomes or developments that New Gold
expects to occur are “forward-looking statements”. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the use of forward-looking
terminology such as “plans”, “expects”, “is expected”, “budget”,
“scheduled”, “targeted”, “estimates” “forecasts”, “intends”,
“anticipates”, “projects”, “potential”, “believes” or variations of
such words and phrases or statements that certain actions, events
or results “may”, “could”, “would”, “should”, “might” or “will be
taken”, “occur” or “be achieved” or the negative connotation of
such terms. Forward-looking statements in this press release
include, among others, the use of proceeds of the Offering.
All forward-looking statements in this press release are based
on the opinions and estimates of management as of the date such
statements are made and are subject to important risk factors and
uncertainties, many of which are beyond New Gold’s ability to
control or predict. Certain material assumptions regarding such
forward-looking statements are discussed in this press release, New
Gold’s latest annual and quarterly management's discussion and
analysis (“MD&A”), Annual Information Form and Technical
Reports filed at www.sedar.com and on EDGAR at www.sec.gov. In
addition to, and subject to, such assumptions discussed in more
detail elsewhere, the forward-looking statements in this press
release are also subject to the following assumptions: (1) there
being no significant disruptions affecting New Gold’s operations;
(2) political and legal developments in jurisdictions where New
Gold operates, or may in the future operate, being consistent with
New Gold’s current expectations; (3) the accuracy of New Gold’s
current mineral reserve and mineral resource estimates; (4) the
exchange rate between the Canadian dollar and U.S. dollar, and to a
lesser extent, the Mexican Peso, being approximately consistent
with current levels; (5) prices for diesel, natural gas, fuel oil,
electricity and other key supplies being approximately consistent
with current levels; (6) equipment, labour and materials costs
increasing on a basis consistent with New Gold’s current
expectations; (7) arrangements with First Nations and other
Aboriginal groups in respect of the Rainy River, New Afton and
Blackwater being consistent with New Gold’s current expectations;
(8) all required permits, licenses and authorizations being
obtained from the relevant governments and other relevant
stakeholders within the expected timelines and the absence of
material negative comments during the applicable regulatory
processes; and (9) no events occurring which will require the
redirecting of the proceeds of the Offering towards other uses.
Forward-looking statements are necessarily based on estimates
and assumptions that are inherently subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, without
limitation: the occurrence of events requiring the redirecting of
the proceeds of the Offering or other sources of funding towards
other uses; significant capital requirements and the availability
and management of capital resources; additional funding
requirements; price volatility in the spot and forward markets for
metals and other commodities; fluctuations in the international
currency markets and in the rates of exchange of the currencies of
Canada, the United States and, to a lesser extent, Mexico;
discrepancies between actual and estimated production, between
actual and estimated mineral reserves and mineral resources and
between actual and estimated metallurgical recoveries; risks
related to early production at the Rainy River Mine, including
failure of equipment, machinery, the process circuit or other
processes to perform as designed or intended; fluctuation in
treatment and refining charges; changes in national and local
government legislation in Canada, the United States and, to a
lesser extent, Mexico or any other country in which New Gold
currently or may in the future carry on business; taxation;
controls, regulations and political or economic developments in the
countries in which New Gold does or may carry on business; the
speculative nature of mineral exploration and development,
including the risks of obtaining and maintaining the validity and
enforceability of the necessary licenses and permits and complying
with the permitting requirements of each jurisdiction in which New
Gold operates, the lack of certainty with respect to foreign legal
systems, which may not be immune from the influence of political
pressure, corruption or other factors that are inconsistent with
the rule of law; the uncertainties inherent to current and future
legal challenges New Gold is or may become a party to; diminishing
quantities or grades of mineral reserves and mineral resources;
competition; loss of key employees; rising costs of labour,
supplies, fuel and equipment; actual results of current exploration
or reclamation activities; uncertainties inherent to mining
economic studies; changes in project parameters as plans continue
to be refined; accidents; labour disputes; defective title to
mineral claims or property or contests over claims to mineral
properties; unexpected delays and costs inherent to consulting and
accommodating rights of Indigenous groups; risks, uncertainties and
unanticipated delays associated with obtaining and maintaining
necessary licenses, permits and authorizations and complying with
permitting requirements. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental events and hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion losses and risks associated with a mine
with relatively limited history of commercial production, such as
Rainy River, (and the risk of inadequate insurance or inability to
obtain insurance to cover these risks) as well as “Risk Factors”
included in New Gold's Annual Information Form, MD&A and other
disclosure documents filed on and available at www.sedar.com and on
EDGAR at www.sec.gov. Forward-looking statements are not guarantees
of future performance, and actual results and future events could
materially differ from those anticipated in such statements. All of
the forward-looking statements contained in this press release are
qualified by these cautionary statements. New Gold expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
events or otherwise, except in accordance with applicable
securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190830005209/en/
Anne Day Vice President, Investor Relations Direct: +1
(416) 324-6003 Email: anne.day@newgold.com
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