New Gold Announces $300 Million Partnership With Ontario Teachers’ Pension Plan at the New Afton Mine Adding Significant Financial Flexibility
New Gold Inc. (NGD)
NASDAQ:AMEX Investor Relations:
newgold.com/investors
Company Research
Source: Business Wire
(All dollar figures are in US dollars unless otherwise indicated) TORONTO--(BUSINESS WIRE)--New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) is pleased to announce that it has entered into a strategic partnership with Ontario Teachers’ Pension Plan (“Ontario Teachers’”). Under the terms of the strategic partnership, Ontario Teachers’ has agreed to acquire a 46.0% free cash flow interest in the New Afton mine (“New Afton”) with an option to convert the interest into a 46.0% joint venture interest in four years, or have their interest remain as a free cash flow interest at a reduced rate of 42.5%, for upfront cash proceeds of $300 million payable upon closing of the transaction (the “Transaction”). The proceeds from the Transaction will be used to improve New Gold’s financial flexibility and to reduce net indebtedness.Key Transaction HighlightsProvides New Gold with immediate cash proceeds of $300 million at an attractive cost of capital, materially reducing N
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