Here’s the NR out today, here’s the paydirt:
TORONTO–(BUSINESS WIRE)– December 23, 2020–New Gold Inc. (“New Gold” or the “Company”) (TSX and NYSE American: NGD) today announced that it has completed the previously announced partial redemption of $200 million aggregate principal amount of its outstanding 6.375% Senior Notes due 2025. The redemption was funded with cash on hand.
Which means that in the space of 2020, NGD has done this:
- Cash treasury from U$83.4m (4q19) to U$205m (4q20)
- Long-term debt from U$714.5m (4q19) to U$460m (4q20 IKNest.)
- Working capital from U$56.8m (4q19) to U$215m (4q20 IKNest.)
All through this Covid-19 year, to boot. NGD and Renaud Adams have done so while keeping a firm lid on current liabilities (down approx $7m) and building out the remaining and long-overdue capital works at Rainy River. This is the stock IKN named as “Turnaround Story of the Year” in February 2020, the same stock the industry is calling turnaround story of the year in December 2020. One day the trolls might twig on just why The IKN Weekly has remained in business for over a decade without taking a single penny from “sponsors”. You can lead a horse to water.