Insiders and principals of NuLegacy (TSXV: NUG) have subscribed for/committed to 44.23M units (C$1.1M or 44.23%) of the company’s non-brokered private placement of 100M units at a price of C$0.025 per unit for gross proceeds of C$2,500,000, announced on 12 September 2023. The initial closing of the offering is scheduled for the last week of October 2023.
The company’s marketing team will now focus on accredited investors, close friends, and business associates with the final closing expected on or before 14 November 2023.
NuLegacy are starting this fall’s planned drilling programme of five holes with “great expectations” that one of them will return a “discovery” intercept.
Ms. Nancy Richter, exploration team leader, stated “With this configuration of holes, we should either hit a good intercept or be close enough that the alteration and geochemical analysis will vector us in the right direction.”
Under the supervision of our exploration manager, Mr. Charles Weakly, our logistics contractor (Legarza Exploration for road building, maintenance, etc.) started preparations as scheduled on 10 October, and our driller, Envirotech, will mobilize onto the property on or about the week of 30 October 2023; thus we expect the initial couple of holes to be ready for assaying (following logging and assay preparation) in mid-November just after closing the offering.
The participation in the offering by certain insiders and principals will be exempted from the formal valuation and minority shareholder approval requirements of multilateral instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) pursuant to sections 5.5(a) and 5.7(1)(a) thereof based on the fact that neither the fair market value of the units subscribed for by each such insiders and principals, nor the consideration for the units to be paid by same, will exceed 25% of the company’s market capitalization.
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