All dollar figures are in US dollars unless otherwise indicated)

TORONTO, May 17, 2024 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) is pleased to announce the closing of its "bought deal" equity financing of 100,395,000 common shares, including 13,095,000 common shares issued upon the full exercise of the underwriters' over-allotment option. At a price of $1.72 per common share, the Company raised aggregate gross proceeds of $172,679,400 pursuant to the offering. The offering, announced on May 13, 2024, was conducted by a syndicate of underwriters led by CIBC Capital Markets and that included BMO Capital Markets, RBC Capital Markets, Scotiabank, National Bank Financial Markets, TD Securities, BofA Securities, Canaccord Genuity, Laurentian Bank Securities and Raymond James.

The Company intends to use the net proceeds of the offering to fund a portion of the cash payment to complete the previously announced agreement relating to its strategic partnership with Ontario Teachers' Pension Plan Board at the New Afton mine, whereby New Gold will increase its effective free cash flow interest in New Afton to 80.1%.

About New Gold
New Gold is a Canadian-focused intermediate mining company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds other Canadian-focused investments. New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to the environment and social responsibility.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to New Gold's future financial or operating..
see & read more on
https://newgold.com/news-events/news/news-details/2024/NEW-GOLD-COMPLETES-US173-MILLION-BOUGHT-DEAL-FINANCING/default.aspx