New Gold Announces Closing of $300 million Partnership with Ontario Teachers’ Pension Plan at the New Afton Mine
March 31 2020 - 12:29PM
Business Wire
(All dollar figures are in US dollars unless otherwise
indicated)
March 31, 2020 - New Gold Inc. (“New Gold” or the “Company”)
(TSX and NYSE American: NGD) today reports that it has closed
the previously announced strategic partnership with Ontario
Teachers’ Pension Plan at the New Afton Mine for upfront cash
proceeds of $300 million.
New Gold now has approximately $590 million in total available
liquidity, including approximately $390 million in cash and cash
equivalents.
About New Gold Inc.
New Gold is a Canadian-focused intermediate gold mining company.
The Company has a portfolio of two core producing assets in
top-rated jurisdictions, the Rainy River and New Afton Mines in
Canada. The Company also operates the Cerro San Pedro Mine in
Mexico (which transitioned to residual leaching in 2016). In
addition, New Gold owns 100 percent of the Blackwater project
located in Canada. New Gold’s objective is to be a leading
intermediate gold producer, focused on the environment and social
responsibility. For further information on the Company, please
visit www.newgold.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this press release are
“forward-looking”. All statements in this press release, other than
statements of historical fact, which address events, results,
outcomes or developments that New Gold expects to occur are
“forward-looking statements”. Forward-looking statements are
statements that are not historical facts. Often, but not always,
forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “targeted”, “estimates”
“forecasts”, “intends”, “anticipates”, “projects”, “potential”,
“believes” or variations of such words and phrases or statements
that certain actions, events or results “may”, “could”, “would”,
“should”, “might” or “will be taken”, “occur” or “be achieved” or
the negative connotation of such terms. Forward-looking statements
in this press release include New Gold’s total available liquidity,
cash and cash equivalents following closing of the partnership.
All forward-looking statements in this press release are based
on the opinions and estimates of management as of the date such
statements are made and are subject to important risk factors and
uncertainties, many of which are beyond New Gold’s ability to
control or predict. Certain material assumptions regarding such
forward-looking statements are discussed in New Gold’s latest
annual and quarterly management's discussion and analysis
(“MD&A”), Annual Information Form and Technical Reports filed
at www.sedar.com and on EDGAR at www.sec.gov.
Forward-looking statements are necessarily based on estimates
and assumptions that are inherently subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. Such factors include, without
limitation: the “Risk Factors” included in New Gold's Annual
Information Form, MD&A and other disclosure documents filed on
and available at www.sedar.com and on EDGAR at www.sec.gov.
Forward-looking statements are not guarantees of future
performance, and actual results and future events could materially
differ from those anticipated in such statements. All of the
forward-looking statements contained in this press release are
qualified by these cautionary statements. New Gold expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
events or otherwise, except in accordance with applicable
securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20200331005689/en/
Anne Day Vice President, Investor Relations Direct: +1
(416) 324-6003 Email: anne.day@newgold.com
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