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New Found Gold Corp. (AMEX:NFGC) has granted incentive stock options to directors and officers, allowing them to acquire 300,000 common shares at an exercise price of $5.75. The options have a five-year term, expiring August 19, 2027, with full vesting on August 19, 2025. The company, which owns the Queensway Project in Newfoundland, is conducting a 400,000m drilling program, currently 56% complete, and holds approximately $77 million in cash and securities as of August 2022.
Positive
Granted stock options for 300,000 shares at $5.75, indicating management confidence.
Currently conducting a well-funded 400,000m drill program at the Queensway Project, which is 56% complete.
Negative
None.
VANCOUVER, British Columbia--(BUSINESS WIRE)--
New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) announces it has granted incentive stock options to certain directors and officers of the Company to acquire an aggregate of 300,000 common shares in the capital of the Company at an exercise price of $5.75(the “Options”) in accordance with the Company’s 10% rolling incentive stock option plan. The Options are exercisable for a five-year term expiring August 19, 2027 and will become fully vested August 19, 2025.
About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 400,000m drill program at Queensway, now approximately 56% complete. The Company is well funded for this program with cash and marketable securities of approximately $77 million as of August 2022.
New Found acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
Contact
To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to assay results, exploration and drilling on the Company’s Queensway gold project in Newfoundland, interpretation of the assay results and the results of the drilling program, the discovery of zones of high-grade gold mineralization, the timing of future drilling results and funding of the drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," “suggests,” "potential," "goal," "objective," "prospective," “possibly,” and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management’s discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
New Found Gold Corp. Per: "Collin Kettell"
Collin Kettell, Chief Executive Officer
ckettell@newfoundgold.ca
+1 (845) 535-1486
Source: New Found Gold Corp.
FAQ
What are the details of the stock options granted by New Found Gold Corp. (NFGC)?
New Found Gold Corp. (NFGC) has granted stock options for 300,000 shares at an exercise price of $5.75, expiring on August 19, 2027, with full vesting on August 19, 2025.
What is the current status of the Queensway Project by New Found Gold Corp. (NFGC)?
The Queensway Project is undergoing a 400,000m drilling program, which is currently 56% complete.
How much cash and marketable securities does New Found Gold Corp. (NFGC) have?
As of August 2022, New Found Gold Corp. (NFGC) holds approximately $77 million in cash and marketable securities.
When will the stock options granted by New Found Gold Corp. (NFGC) become fully vested?
The stock options will become fully vested on August 19, 2025.
What is the exercise price of the stock options granted by New Found Gold Corp. (NFGC)?
The exercise price of the stock options granted by New Found Gold Corp. (NFGC) is $5.75.
