Benton Resources - Eric Sprott.
Eric Sprott.
Source: Sprott Money.
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  • Newfoundland Discovery (NEWD) has arranged a C$1.5 million financing with a lead order from Eric Sprott
  • Sprott has provided an order of $500,000 for non-flow-through units
  • The company will use the proceeds for working capital and for exploration of its Newfoundland properties
  • Newfoundland Discovery is a junior Canadian mining exploration company with land positions in Newfoundland and Quebec
  • Newfoundland Discovery (NEWD) is up by 1.96 per cent and is currently trading at $0.52 per share

Newfoundland Discovery (NEWD) has arranged a C$1.5 million financing with a lead order from Eric Sprott.

The non-brokered financing is comprised of up to 1,000,000 flow-through units priced at $0.50 per unit and up to 2,500,000 non-flow-through units priced at $0.40 per unit.

Sprott has provided an order of $500,000 for non-flow-through units.

Each flow-through unit consists of one flow-through common share and one-half of one warrant.

Each warrant entitles the holder to purchase one non-flow-through share for $0.75 for up to one year following the closing date and for $1.00 during the second year.

Each non-flow-through unit consists of one non-flow-through common share and one-half of one warrant.

Each warrant entitles the holder to purchase one non-flow-through share for $0.60 for up to one year following the closing date and for $0.80 during the second year.

The company will use the proceeds for working capital and for exploration of its Newfoundland properties.

Newfoundland Discovery is a junior Canadian mining exploration company with land positions in Newfoundland and Quebec.

Newfoundland Discovery (NEWD) is up by 1.96 per cent and is currently trading at $0.52 per share as of 9:44 am ET.

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