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New Gold targets C$150M raising

New Gold Inc. entered into a bought-deal financing agreement with a syndicate of underwriters that will buy 93,750,000 common shares at C$1.60 apiece for gross proceeds of C$150 million.

The company said Aug. 8 that it will use the funds to enhance its financial flexibility, strengthen its balance sheet including debt repayment, and for general corporate purposes.

The underwriters have a 30-day option to purchase up to an additional 15% of the offering to cover overallotments. The offer is expected to close Aug. 30.

New Gold produced 62,278 gold equivalent ounces at its Rainy River mine in Ontario during the first quarter, jumping from 40,016 ounces in the year-ago quarter. Production at the New Afton mine in British Columbia slipped year over year to 60,986 gold equivalent ounces from 73,717 gold equivalent ounces.