New Gold Inc (TSE:NGD) has released an update.
New Gold Inc has increased its stake in the New Afton copper/gold mine to 80.1%, with an upfront cash payment of $255 million, financed through cash reserves, credit facilities, and a $150 million equity financing deal. The deal is expected to boost free cash flow and shareholder value by capitalizing on anticipated production growth and cost improvements. The offering includes an over-allotment option and is set to close on May 17, 2024.
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