Business
NuLegacy Gold Completes Final Closing of C$12.5 Million PP
VANCOUVER, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation is pleased to report it has closed the remaining units of its 100,000,0
About this update from Nulegacy Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 19, 2021 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation is pleased to report it has closed the remaining units of its 100,000,000 units (the “Units”) private placement announced January 8 and 15, 2021. In total, the Company has issued 100,000,000 Units at a price of C$0.125 per Unit for gross proceeds to the Company of C$12.5 million (the “Offering”). Each Unit consists of one common share of the Company and one transferable common share purchase warrant, with each warrant entitling the holder to acquire one common share of the Company at an exercise price of C$0.20 for a period of 36 months. The net proceeds of the Offering will be used to carry out the planned Spring-Summer 2021 drilling program on the Rift Anticline, as well as for general corporate and working capital purposes. More details of the Spring-Summer 2021 drilling program will be provided along with the assays and geochemical context of the fall 2020 drilling in the first part of February. All securities issued in connection with the final closing are subject to a four month and one day hold period from today’s date. The Company has also paid finder’s fees in cash, shares and/or warrants to certain finders and/or advisors in connection with the sale of Units in accordance with the policies of the TSXV. On trend: NuLegacy Gold is focused on confirming high-grade Carlin-style gold deposits within the ~ 6 sq. km Rift Anticline target in the northwest corner of its flagship 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada. The Rift Anticline target is located on trend and adjacentI to the three, multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) which are ranked amongst the world’s thirty largest, lowest cost and politically safest gold mines and are three of Nevada Gold Mines’ most profitable mines. II I The similarity and proximity of these deposits in the Cortez Trend including Goldrush are not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Property.II As extracted from Barrick’s Q4-2013 and Q1-2014 reports. As reported by Barrick, the Goldrush resource contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces within 5.6 million tonnes grading ~9.0 g/t. ON...