NuLegacy Gold (TSXV: NUG | OTC: NULGF) has scheduled an initial closing of its non-brokered private placement of 100M units at C$0.025 each for proceeds of C$2.5M for 3 November 2023. The initial closing will consist of 30.7M units for gross proceeds of C$766,600 including certain NuLegacy directors and officers totaling 16.1M units.
A second closing of the offering including the lead order for 10% by Crescat Capital is expected by mid-November. The TSX Venture Exchange has granted NuLegacy an extension to complete the offering until 26 November 2023.
In addition to funding the planned drill programme on the Red Hill property in the Cortez Gold Trend of Nevada, US$181,818 will be used to satisfy certain exploration expenditures required under the company’s mining lease with Idaho Resources Corporation (IRC) covering the eastern portion of the property.
In turn, the parent company of IRC has subscribed for 10M units of the offering for a purchase price of C$250,000 and will be included in the initial closing. All securities issued pursuant to the initial closing will be subject to a four month hold period expiring 4 March 2024.
NuLegacy Gold is a Canadian company exploring for high-grade Carlin-style gold deposits on its superbly located district scale Red Hill property in Nevada, USA. Red Hill is on trend/adjacent to three of Nevada Gold Mines’ most profitable multi-million-ounce Carlin-type gold mines; the Pipeline, Cortez and Goldrush with their massive 50+ million ounces gold endowment. Each of NuLegacy’s seven principals/exploration team members has contributed to the discovery/expansion of one or more of Nevada’s seven massive Carlin-style gold deposits.
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