New Gold Closes US$173 Million Bought Deal Financing

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March 10, 2017 – New Gold Inc. (“New Gold”) (TSX:NGD) (NYSE MKT:NGD) is pleased to announce that it has closed its previously announced bought deal financing of 61,640,000 common shares, including the exercise in full by the underwriters of the over-allotment option, at a price of US$2.80 per share (the “Offering”) for aggregate gross proceeds to New Gold of approximately US$173 million. New Gold intends to use the net proceeds from the Offering to finance the completion of the construction of the Rainy River gold project in Ontario, Canada. The Offering was made through a syndicate of underwriters led by RBC Capital Markets and Scotiabank and including CIBC Capital Markets, J.P. Morgan, TD Securities Inc., BMO Capital Markets, Merrill Lynch Canada Inc., Desjardins Securities Inc., National Bank Financial Inc., Paradigm Capital Inc., Credit Suisse Securities (Canada) Inc., Eight Capital and GMP Securities L.P.

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