NuLegacy Gold Corporation (TSXV: NUG | OTC: NULGF) has announced the competition of the third and final tranche of its previously announced non-brokered private placement of 100M units at a price of C$0.025 each. The company sold approximately an additional 7.06M units for proceeds of C$176,438; bringing the total offering to over 47.7M units for gross proceeds of C$1.2M.
Due to the current trading price of NuLegacy’s shares being more than the offering price, pursuant to exchange policy the TSX Venture Exchange would not accept the company’s request for a further extension to complete the balance of the offering at C$0.025 each. Market conditions permitting, NuLegacy may offer additional units at the current pricing between now and 11 December 2023, prior to receipt of initial assay results from the company’s current drill programme.
Finder’s fees totaling C$9,275 cash and 371K non-transferable share purchase warrants (to buy up to 371K shares at C$0.05 each for a period of five years) were paid to certain registered dealers in connection with the third closing, subject to acceleration. All securities issued under the third closing are subject to a four month hold period expiring 28 March 2024.
NuLegacy Gold is a company 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 with massive +50Moz gold endowment.
These are three of the thirty largest, lowest cost, highest grade, and politically safest gold mines, producing circa 3% of the world’s gold. Each of NuLegacy’s seven principals/exploration team members has contributed to the discovery or expansion of one or more of Nevada’s seven massive Carlin-style gold deposits.
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