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Message: New Gold's new cash suggests M&A option

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Re: New Gold closes $115-million offering

in response to New Gold's new cash suggests M&A option by safeharbour

posted on Sep 11, 09 10:52AM

New Gold closes $115-million offering

2009-09-11 09:33 ET - News Release

Mr. Randall Oliphant reports

NEW GOLD ANNOUNCES CLOSING OF BOUGHT DEAL FINANCING AND OVER-ALLOTMENT OPTION EXERCISE FOR TOTAL GROSS PROCEEDS OF C$115 MILLION

New Gold Inc. has successfully closed its bought-deal public offering of 26.7 million common shares and the underwriters exercised in full an overallotment option to purchase an additional 4,005,000 common shares granted by New Gold in connection with such offering, at a price of $3.75 per share, for total gross proceeds to New Gold of approximately $115-million.

Randall Oliphant, executive chairman of New Gold, said: "We are delighted by the market's interest in the company with the successful closing of the financing and the overallotment. This transaction brings new shareholders to New Gold, further strengthens our financial position, and provides greater flexibility to realize value from current assets and through additional growth opportunities."

The syndicate of underwriters was led by BMO Capital Markets and GMP Securities LP, and included Canaccord Capital Corp., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Paradigm Capital Inc. and Wellington West Capital Markets Inc.

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