The syndicate of underwriters exercised their over-allotment option in full for the offering, which was priced at $11.39 per flow-through share.

High profile investor Eric Sprott participated for about 19.9% to maintain his interest in the company, New Found said.

Despite an industry-wide lag in receiving assays, the company has been reporting a series of "phenomenal" results from an ongoing 200,000m drilling programme at Queensway, including 26.5m at 146.2g/t gold at the Keats zone in May. 

It then announced the discovery in June of the Golden Joint zone, 1km from Keats, where it intersected 5.25m at 430.2g/t from 207.85m.

New Found believes Queensway holds similarities to Kirkland Lake Gold's high-grade Fosterville mine in Victoria, Australia.

Other significant shareholders are Palisades Goldcorp and Novo Resources.

The company completed an IPO last year, raising $31.4 million at $1.30 per share.

Its shares (TSXV: NFG) peaked at $13.50 in June.

They closed down 4.7% yesterday to $8.53, valuing it at $1.3 billion (US$1 billion).