NuLegacy Gold Corporation (TSXV: NUG | OTC: NULGF) has completed the second tranche of a previously announced private placement as scheduled, the lead order of 10M units at C$0.025 each by Crescat Portfolio Management LLC, on behalf of certain managed funds. This closing, together with that of, among others, certain directors, and officers of NuLegacy brings the total units closed to 40.66M units for C$1.016M.
“We are very grateful for Crescat’s exemplary partnership in NuLegacy’s development,” commented NuLegacy CEO Albert Matter.
As part of Crescat’s subscription, NuLegacy has granted them an equity participation right to maintain its pro-rata ownership interest in the company for so long as it owns 5% or more of the issued and outstanding common shares of NuLegacy.
A final closing of the non-brokered private placement of 100M units at C$0.025 each for gross proceeds of C$2.5M for remaining institutional and individual investors is scheduled for 27 November as drilling has commenced, and the company seeks to complete the offering before the receipt of any assay results that could result in an upward re-pricing of the units under the policies of the TSX Venture Exchange.
All securities issued to Crescat pursuant to the second closing are subject to a four month hold period expiring on 18 March 2024.
For the past decade, NuLegacy has focused on exploring for high-grade Carlin-style gold deposits on its 108km² district scale Red Hill property. Red Hill is on trend and adjacent to three of Nevada Gold Mines’ most profitable multi-million-ounce gold mines; the Pipeline, Cortez and Goldrush mines with massive +50Moz gold endowment.
These are three of the world’s thirty largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world’s gold. Seven of NuLegacy’s principals/exploration team members have contributed toparticipated in the discovery/expansion of one or more of Nevada’s seven massive Carlin-style gold deposits.
For further information, please visit: www.nulegacygold.com
To read more articles like this, please visit: www.theassay.com
