Business
NuLegacy Gold Commences C$1 Million Unit Private Placement
Exploration Update AGM to approve re-capitalization Business and cost rationalization RENO, Nev., Aug. 15, 2024 (GLOBE NEWSWIRE) -- NuLegacy Gold commences a pr
About this update from Nulegacy Gold Corporation
[{"type":"text","content":" Exploration Update AGM to approve re-capitalization Business and cost rationalization RENO, Nev., Aug. 15, 2024 (GLOBE NEWSWIRE) -- NuLegacy Gold commences a private placement of 100,000,000 units (“Units”) at a price of C$0.01 per Unit for gross proceeds of C$1.0 million (the “Offering”) sufficient to maintain the ownership and advance the value of its 100% ownership/controlling interest in the highly prospective Red Hill property in the Cortez Gold trend of Nevada through to December 2025. Each Unit consists of one common share of the Company (a “Common Share”) and one transferable warrant to purchase an additional Common Share for a period of five years at a nominal1 exercise price of C$0.05 per share (a “Warrant”). NuLegacy Gold is pleased to report that Crescat Capital, together with NuLegacy’s directors and advisors have provided a minimum lead commitment of C$550,000 to purchase 55 million Units of the total 100 million Unit Offering (the “Lead Commitment”) described herein. Use of proceeds: Expenditure Item Assuming 100% of the Offering Mineral Properties Maintenance Costs2 $399,000 General and Administrative $300,000 Issue expenses est’d. 75,000 Related party expenses 65,000 Unallocated Working Capital $161,200 Total: $1,000,000 Exploration Update: Since December 2023, our Exploration Manager Charles Weakly, and our team of successful3 Carlin deposit discovery geologists completed a deep dive into the Red Hill database: Affirming4 the promise of the previously identified as yet untested targets (four) in the Mid and South-rifts, and, Adding two new targets, one of which is outside the previous focus of exploration area, thus warranting this disclosure: Located well to the west and identified by the tried and true ‘hand-calculations and cross-section creation’ of Robert Leonardson5, long considered the ‘dean’ of Carlin-type gold system geologists, and Geologically analogous to the prolific Cambrian dolomite/Eureka gold systems just south of Red Hill in the Cortez trend, further details to follow upon full team review. An Annual General Meeting is being called for October 7th, 2024, to approve capitalization restructuring: With the change of scale in the Company’s operations (see “More on Business and further cost rationalization” below), it is considered the appropriate time for a roll back/reverse split of the Company’...