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Globe and Mail
17 minutes ago
- Globe and Mail
New Found Gold Announces Results of Annual General and Special Meeting; Adds Experienced Mining Executive to Board; Restart of Exploration Activities at Queensway Gold Project
VANCOUVER, BC , /CNW/ - New Found Gold Corp. (" New Found Gold" or the " Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to welcome Tamara Brown to its board of directors (the " Board"). Following the Annual General and Special Meeting of the shareholders of New Found Gold (the " Shareholders") held in Vancouver, BC , on August 20, 2025 (the " Meeting"), the Board now comprises Paul Huet , Keith Boyle , William Hayden , Vijay Mehta , Melissa Render , Chad Williams and Tamara Brown . At the Meeting, disinterested Shareholders voted in favour of an ordinary resolution to approve the creation of Mr. Eric Sprott as a new "Control Person" (as defined by the policies of the TSX Venture Exchange (the " TSXV")). It is anticipated that Mr. Sprott will become a new Control Person upon closing of the previously announced non-brokered private placement of up to 12,269,939 common shares (the " Common Shares") at a price of C$1.63 per Common Share for gross proceeds of approximately C$20 million (the " Private Placement"). The Private Placement is anticipated to close by August 27 , 2025, subject to final approval of the TSXV and authorization of the NYSE American LLC (the " NYSE American"). In addition, resolutions regarding the following matters were passed by the requisite majority at the Meeting: fixing the number of directors at seven; appointing KPMG LLP, Chartered Professional Accountants, as auditor of the Company at a remuneration to be fixed by the Board; approving the amendment of "10% rolling" stock option plan of the Company; and approving the "5% rolling" share unit plan of the Company. The Meeting did not consider any matters that were not presented in the management information circular, dated July 8, 2025 , that was filed in connection with the Meeting. Paul Huet , Chairman of New Found, stated " On behalf of the Board of Directors, I would like to welcome Tamara to New Found Gold. With her extensive capital markets experience and depth of knowledge of the mining industry as both a mining executive and a professional engineer, Tamara's addition to the Board continues to strengthen the team and the Company as a whole." This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Resumption of Heavy Equipment Exploration Activities As a result of a reduction of the Fire Weather Index in the area of the Company's 100% owned Queensway Gold Project (" Queensway"), Newfoundland and Labrador, Canada , exploration activities involving the use of heavy equipment in or near forested areas, including, drilling, mulching and excavating, have restarted at Queensway. These activities had previously been suspended as a precaution against regional forest fire risks (see the New Found Gold news release dated August 13, 2025). Keith Boyle , Chief Executive Officer, stated: " The Fire Weather Index across Newfoundland has been reduced to acceptable levels. With weather conditions favourable and the Fire Weather Index within operational limits, exploration activities will resume immediately. The Company will continue to monitor the situation and implement additional measures to mitigate forest fire risks. The New Found Gold team once again extends its thanks to the firefighters for their hard work in maintaining community safety ." About New Found Gold Corp. New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, Canada , a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce. The Company has completed an initial mineral resource estimate (" MRE") and preliminary economic assessment (" PEA") at Queensway (see New Found Gold news release dated March 24, 2025 and July 21, 2025 ). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,450 ha project that covers a 110 km strike extent along two prospective fault zones. New Found Gold has a new management team in place, a solid shareholder base, which includes a 19% holding by Eric Sprott , and is focused on growth and value creation at Queensway. Keith Boyle , Chief Executive Officer New Found Gold Corp. Contact: For further information on New Found Gold, please visit the Company's website at contact us through our investor inquiry form at Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. Forward Looking Statement Cautions This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating the Private Placement, including the timing of closing thereof, if at all; and the approval by the TSXV and authorization of the NYSE American of the Private Placement. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward- looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV or the NYSE American, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward- looking statements include risks associated with the Company's receiving all the approvals necessary for completion of the Private Placement and the timing of such approvals. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at for a more complete discussion of such risk factors and their potential effects.
CBC
18 minutes ago
- CBC
$225K for a new pool slide? Municipal mayors say they're struggling to keep up with soaring costs
The new slide will be installed at a local pool in a municipality northwest of Montreal next year. The mayor of Sainte-Thérèse, Que., acknowledges the price is exorbitant, but says there was no other choice.
Globe and Mail
29 minutes ago
- Globe and Mail
TruGolf Reports Second Quarter 2025 Financial Results Q2 2025 Sales Grow 11.3% Over Q2 2024
Salt Lake City, Utah, Aug. 20, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today its second quarter 2025 results. The Company reported sales of $4.3 million, up 11.3% compared to 2024 second quarter sales of $3.9 million. Net losses increased to ($3.3) million for 2025's second quarter, versus a net loss of ($1.6) million in the 2024 period, driven most notably by professional fees and the recognition of interest expense. EPS for 2025's second quarter improved to ($4.63), as compared to 2024's ($6.80) loss per share. Chief Executive Officer and Director Chris Jones said, 'Seasonally, the second quarter is typically our toughest period, but the company still managed to achieve significant year-on-year revenue growth. However, the big story of Q2 was our efforts to regain compliance with Nasdaq's listing standards, a process we successfully concluded in July. With our debt load now significantly reduced, we are optimistic about achieving substantial operational improvements in the latter half of the year, especially as the current upward trend in sales continues." Mr. Jones continued, 'During the quarter we took several non-cash charges related to inventory adjustments and costs associated with our TruTrack product. Absent these write-downs, operationally profitability was in line with prior periods. We expect reported margins to return to traditional levels in Q3. In July we commenced US sales of our Launchbox monitor and we are very excited about the prospects for this mass market product. The initial results for the first month of LaunchBox sales are promising. I am also happy to report on the successful grand opening of our first TruGolf Links franchise in the Chicago area on July 29th. We expect a larger flagship franchise location to open in the fourth quarter of this year and more to follow in 2026.' Operations: Gross margin for 2025's second quarter was 44.4% as compared to 66.4% in 2024's quarter as performance was hurt by the $0.9 million of write-downs associated with inventory adjustments and the TruTrack product. For the first half of 2025, sales grew 9% to $9.7 million from $8.9 million. Gross margin was 57.5% as compared to 63.3% in the first half of 2024. 2025's second quarter loss from operations was higher at ($1.9) million as compared to ($0.8) million in the 2024 period, driven largely by higher cost of goods sold in the second quarter due to the previously mentioned inventory write-down. Year-to-date 2025's losses from operations were $3.1 million, 80% higher than in 2024's first half loss of ($1.7) million with increased operating expenses driven primarily by higher professional expenses associated with regaining Nasdaq compliance of $600,000, higher spending on marketing of $336,000 and capitalized software of $296,000. 2025 second quarter operating expenses increased by 13% or $0.4 million, driven by higher SG&A costs arising from increased marketing costs of $114,000, higher professional fees of $377,000 associated with regaining Nasdaq compliance and an increase in amortization expense related to capitalized software of $130,000. This was offset by a decrease in salaries, wages and benefits of $111,000, or 10%, due primarily to an increase in salaries being capitalized for time spent on developing new versions of the Company's platform software. Interest expense in the second quarter of 2025 rose by $0.7 million and for the first half of 2025, interest expense increased by $1.8 million with the increases resulting from amortization expense of the PIPE Convertible Notes debt discount, the write-off of remaining debt discounts upon the conversion of related to the PIPE Convertible Notes, and the make-good interest expense upon the conversion of related PIPE Convertible Notes. Disclaimer on Forward Looking Statements This news release contains certain statements that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute 'forward-looking statements' and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of new franchise openings during 2025. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, About TruGolf: Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology. June 30, December 31, 2025 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 8,059,359 $ 8,782,077 Restricted cash 2,100,000 2,100,000 Accounts receivable, net 2,185,888 1,399,153 Inventory, net 2,698,310 2,349,345 Prepaid expenses and other current assets 290,389 116,619 PIPE exchange consideration 5,651,310 - Other current assets - 45,737 Total Current Assets 20,985,256 14,792,931 Property and equipment, net 210,463 143,852 Capitalized software development costs, net 2,674,845 1,540,121 Right-of-use assets 455,925 634,269 Other long-term assets 31,023 31,023 Total Assets $ 24,357,512 $ 17,142,196 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable $ 3,209,831 $ 2,819,703 Deferred revenue 5,009,228 3,113,010 PIPE loan payable, net 3,734,990 - Notes payable, current portion 10,573 10,001 Notes payable to related parties, current portion 2,668,500 2,937,000 Line of credit, bank 802,738 802,738 Dividend notes payable 118,362 4,023,923 Accrued interest 564,947 661,376 Accrued and other current liabilities 1,772,877 999,307 Accrued and other current liabilities - assumed in Merger 45,008 45,008 Lease liability, current portion 228,536 363,102 Total Current Liabilities 18,165,590 15,775,168 Non-current Liabilities: Notes payable, net of current portion 4,232 9,732 Note payables to related parties, net of current portion 624,000 624,000 PIPE loan payable, net - 4,068,953 Gross sales royalty payable 1,000,000 1,000,000 Lease liability, net of current portion 250,002 305,125 Total Liabilities 20,043,824 21,782,978 Commitments and Contingencies - - Stockholders' Equity (Deficit): Preferred stock, $0.0001 par value, 10 million shares authorized - Series A Convertible Preferred Stock, $0.0001 par value per share; authorized – 50,000 shares; 1,885 and 0 shares issued and outstanding, respectively - - Common stock, $0.0001 par value, 100,000,000 shares authorized: - - Common stock - Series A, $0.0001 par value, 90 million shares authorized; 810,617 and 522,411 shares issued and outstanding, respectively 80 52 Common stock - Series B, $0.0001 par value, 10 million shares authorized; 200,000 and 34,337 shares issued and outstanding, respectively 20 3 Treasury stock at cost, 4,692 shares of common stock held, respectively (2,037,000) (2,037,000) Additional paid-in capital 33,497,876 18,551,660 Accumulated deficit (27,147,288) (21,155,496) Total Stockholders' Equity (Deficit) 4,313,688 (4,640,781) Total Liabilities and Stockholders' Equity (Deficit) $ 24,357,512 $ 17,142,196 The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue, net $ 4,310,864 $ 3,873,163 $ 9,700,094 $ 8,885,185 Cost of revenue 2,398,959 1,300,212 4,125,158 3,259,234 Total gross profit 1,911,905 2,572,951 5,574,936 5,625,951 Operating expenses: Royalties 138,695 223,150 364,015 553,038 Salaries, wages and benefits 1,006,210 1,117,287 2,953,026 2,958,881 Selling, general and administrative 2,637,026 2,017,556 5,362,145 3,842,758 Total operating expenses 3,781,931 3,357,993 8,679,186 7,354,677 Loss from operations (1,870,026) (785,042) (3,104,250) (1,728,726) Other income (expense): Interest income 64,830 36,621 119,426 67,208 Interest expense (1,516,874) (820,908) (3,007,568) (1,205,762) Loss on investment - - - (3,912) Other income 600 - 600 - Total other income (expense), net (1,451,444) (784,287) (2,887,542) (1,142,466) Net loss prior to provision for income taxes $ (3,321,470) (1,569,329) (5,991,792) (2,871,192) Provision for income taxes - - - - Net loss $ (3,321,470) $ (1,569,329) $ (5,991,792) $ (2,871,192) Net loss per common share Series A – basic and diluted $ (4.63) $ (6.80) $ (9.31) $ (11.53) Net loss per common share Series B – basic and diluted $ (19.69) $ (45.70) $ (59.02) $ (83.62) Weighted average shares outstanding Series A – basic and diluted 717,928 230,765 643,657 248,980 Weighted average shares outstanding Series B – basic and diluted 168,708 34,337 101,523 34,337 The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements. For the For the Six Months Ended Six Months Ended June 30, 2025 June 30, 2024 Cash flows from operating activities: Net loss $ (5,991,792) $ (2,871,192) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 413,409 173,200 Amortization of convertible notes discount 359,037 24,197 Amortization of right-of-use asset 178,344 166,311 Bad debt expense 74,818 - Change in OCI - 1,662 Stock issued for make good provisions on debt conversion 2,169,707 - Stock options issued to employees 6,682 - Changes in operating assets and liabilities: Accounts receivable, net (861,552) (231,385) Inventory, net (348,965) (216,701) Prepaid expenses (173,770) 143,471 Other current assets 45,737 2,478,953 Accounts payable 390,129 1,149,909 Deferred revenue 1,896,218 1,274,900 Accrued interest payable (96,429) 785,306 Accrued and other current liabilities 773,570 (99,165) Other liabilities - (1,153) Lease liability (189,689) (162,338) Net cash provided by (used in) operating activities (1,354,546) 2,615,975 Cash flows from investing activities: Purchases of property and equipment (45,966) - Capitalized software, net (1,568,778) (1,433,438) Reduction in long term assets - (75) Net cash used in investing activities (1,614,744) (1,433,513) Cash flows from financing activities: Proceeds from PIPE loans, net of discount 2,520,000 4,185,000 Cash acquired in Merger - 103,818 Costs of Merger paid from PIPE loan - (1,947,787) Repayments of line of credit - (1,980,937) Repayments of liabilities assumed in Merger - (15,716) Repayments of notes payable (4,928) (4,632) Repayments of notes payable - related party (268,500) (268,500) Net cash provided by financing activities 2,246,572 71,246 Net change in cash , cash equivalents and restricted cash (722,718) 1,253,708 Cash, cash equivalents and restricted cash - beginning of year 10,882,077 5,397,564 Cash, cash equivalents and restricted cash - end of year $ 10,159,359 $ 6,651,272 Supplemental cash flow information: Cash paid for: Interest $ 108,993 $ 302,095 Income taxes $ - $ - Non-cash investing and financing activities: PIPE note principal converted to Class A Common Stock $ 3,213,000 $ - Dividend note principal converted to Class A and Class B Common Stock $ 3,905,561 $ - Exchange of PIPE Notes and Series A and B Warrants for Series A Convertible Preferred Stock and Warrants for Series A Convertible Preferred Stock $ 5,651,310 $ - Notes payable assumed in Merger $ - $ 1,565,000 Accrued liabilities assumed in Merger $ - $ 310,724 Remeasurement of common stock exchanged/issued in Merger $ - $ (1,875,724) The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.
