On December 16, 2025, Dundee Corporation completed an agreement with BMO Capital Markets Inc. and SCP Resource Finance LP to sell 24,480,000 units at a price of $4.00 per unit for gross proceeds to Dundee of approximately $97.9 million.
Pursuant to the transaction each unit consists of one common share of New Found Gold Corp. owned by Dundee and one half of a common share purchase warrant. Each warrant will entitle the holder to then acquire one additional common share of New Found owned by Dundee at a price of $5.00 for a term of 12 months. The possible total gross proceeds to Dundee is $159.1 million in the event that all warrants are exercised.
Cassels acted for Dundee.