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NuLegacy Gold Arranges 10 Million Unit Financing
RENO, NEVADA--(Marketwired - July 4, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES NuLegacy Gold Corporation
About this update from Nulegacy Gold Corporation
[{"type":"text","content":"RENO, NEVADA--(Marketwired - July 4, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES NuLegacy Gold Corporation (TSX VENTURE:NUG)(OTCQX:NULGF) has arranged a non-brokered private placement financing of 10 million units at a price of C$0.30 per unit for gross proceeds of C$3.0 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 eighteen months at an exercise price of C$0.45 per share. \"We are delighted that improved markets and NuLegacy's progress are permitting us to further fund our exploration programs at better than twice the price of our April funding with OceanaGold,\" commented Albert Matter, NuLegacy's Chairman. \"This funding will strengthen your company's balance sheet and enable us to accelerate the exploration of the Iceberg gold deposit and 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 July 13, 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) or the Medalist Group of Toronto (Steven Sandusky at [email protected] / 416-307-1035). Drilling of the 10 holes of the first phase of the 2016 exploration program (four phases totaling 40+/- holes) is completed, and the assays are expected to be ready for release in the second half of July. 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 ...