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NuLegacy Gold Announces C$9.0 Million Financing
RENO, NEVADA--(Oct. 4, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) is undertaking a non-brokered private placement financing of 20 million
About this update from Nulegacy Gold Corporation
[{"type":"text","content":"RENO, NEVADA--(Oct. 4, 2016) - NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) is undertaking a non-brokered private placement financing of 20 million units at a price of C$0.45 per unit for gross proceeds of C$9.0 million. Each Unit consists of one common share and one 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 C$0.65 per share. \"With a second Carlin-style deposit to explore [the newly discovered Avocado deposit] while we accelerate the delineation of the first [the Iceberg deposit] we greatly appreciate the continued support from existing and new shareholders\", said NuLegacy Chairman, Albert Matter. \"This extra funding will permit us to properly plan our much expanded 2017 drilling program; already it has allowed us to significantly develop our exploration team, and with this funding we can commit to extra drilling rigs/drillers for next year. The deeper exploration drilling of the Avocado deposit, and the need for more core holes to better delineate the Iceberg deposit in preparation for a resource valuation, increases the budgetary needs. As well as strengthening the balance sheet against the vicissitudes of the market, it will fund continued wildcat exploration on the rest of our highly prospective 38 sq. mile land package in the famed Cortez gold trend of Nevada.\" The financing is expected to close on or about October 11, 2016, prior to which Barrick Gold Corporation, OceanaGold Corporation and/or Waterton Precious Metals Fund II Cayman, LP have the right to elect to participate to maintain their current equity ownership interests in NuLegacy Gold (as announced February 23, 2016; April 13, 2016; and August 18, 2014 respectively). Closing is subject to conditional acceptance of the TSX Venture Exchange and finder's fees may be paid in accordance with Exchange policies. Inquires as to participation should be directed to our Chairman Albert Matter ([email protected] / 604-639-3640). About NuLegacy: NuLegacy Gold Corporation is a Nevada-based exploration company focused on expanding its Carlin-style near-surface Iceberg oxide gold deposit with an established exploration target of 90-110 million tonnes of 0.9 to 1.1 grams of gold per tonnei, and exploring for additional gold depos...