On May 17, 2024, New Gold Inc. completed its equity offering, generating gross proceeds of approximately $235 million (US$173 million). The offering was managed by a dealer syndicate led by CIBC Capital Markets, including BMO Capital Markets, RBC Capital Markets, Scotiabank, National Bank Financial Markets, TD Securities, BofA Securities, Canaccord Genuity, Laurentian Bank Securities, and Raymond James.

New Gold Inc. planned to utilize the net proceeds from the offering to partially fund the cash payment for its strategic partnership with the Ontario Teachers' Pension Plan Board at the New Afton mine. This transaction would allow New Gold to increase its effective free cash flow interest in the New Afton mine to 80.1%.

The syndicate of underwriters was represented by BLG. Davies Ward Phillips & Vineberg acted as legal advisor for New Gold.