Business
NuLegacy Closes Initial Tranche of 8.5 Million Units
Insiders Participate as to 40% NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES RENO, Nev., July 19, 2018 (GLO
About this update from Nulegacy Gold Corporation
[{"type":"text","content":" Insiders Participate as to 40% NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES RENO, Nev., July 19, 2018 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation reports that it has completed an initial closing of its non-brokered private placement announced July 5 and 10, 2018 (the “Financing”) of 8.5 million units (the \"Units\") of the 15 million offered at a price of $0.20 per Unit for gross proceeds of $1.7 million. Of the initial closing, directors and officers of the Company have purchased a total of 3.4 million Units for an aggregate purchase price of $0.68 million, and it is anticipated that OceanaGold Corporation will participate in the second closing to purchase such number of Units as is required to maintain its undiluted equity ownership interest in NuLegacy Gold at 16.2% once the final size of the Financing is determined. Each Unit consists of one common share and one share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company for a period of 24 months, subject to acceleration, at a price of $0.30. The net proceeds of the Financing will be used to fund further exploration of the Company’s Red Hill Project in Nevada and for general corporate and working capital purposes. Subject to acceptance of the TSX Venture Exchange, the Company expects to pay a finder’s fee on a portion of the Financing (excluding the participation by insiders and OceanaGold Corp.). All securities issued under the initial closing are subject to a four month and one day hold period expiring November 20, 2018. About NuLegacy Gold Corporation: NuLegacy is a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98 sq. km (38 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada. To date NuLegacy has discovered the Iceberg Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year. NuLegacy’s Red Hill Project is located on trend and adjacenti to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold minesii. i The similarity and proximity of these deposits in the C...