Business
NuLegacy Closes Private Placement Financing
RENO, NEVADA--(Marketwired - July 15, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) is pleased to report it has now closed subscriptions for
About this update from Nulegacy Gold Corporation
[{"type":"text","content":"RENO, NEVADA--(Marketwired - July 15, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) is pleased to report it has now closed subscriptions for a total of 20,334,463 units at a price of C$0.30 per unit for gross proceeds of C$6,100,339 pursuant to its non-brokered private placement financing announced July 4 and 12, 2016. Each Unit consisted of one common share and one full share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period, subject to acceleration, of 18 months at an exercise price of $0.45. The net proceeds of the financing will be used to fund the Company's gold exploration programs and for general corporate purposes. Finder's fees of 6% cash and 6% finder's warrants were or will be paid and issued on approximately 16.5 million units to various finders including Sprott Private Wealth LP, Haywood Securities, Richardson GMP, EchelonWealth Partners and Mackie Research and all securities issued and issuable in connection with this financing are subject to four month hold periods expiring between November 14 and 16, 2016. The financing remains subject to the potential exercise of equity participation rights by certain existing shareholders as previously disclosed on July 4, 2016. About NuLegacy: The Iceberg gold deposit has an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonnei. It is located in the Cortez gold trend of Nevada, adjacentii to three of Barrick's multi-million ounce Carlin-type gold deposits that are amongst its lowest cost and politically safest gold assets.iii i These figures are conceptual in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes in and around the Iceberg deposit. To date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. ii The similarity and close proximity of these deposits to the Iceberg is not necessarily indicative of the gold mineralization in the Iceberg deposit. iii As extracted from Barrick's Q4-2013 and Q1-2014 reports. On Behalf Of NuLegacy Gold Corporation James E Anderson, Chief Executive Officer Dr. Roger Steininger, NuLegacy's COO is a Certified Professional Geologist (CPG 7417) and the qualified person as d...