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NuLegacy Gold Reports Insider Participation in Private Placement
VANCOUVER, British Columbia, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Further to the news release of August 15th, 2024 reporting a private placement1 of 100,000,000 un
About this update from Nulegacy Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Further to the news release of August 15th, 2024 reporting a private placement1 of 100,000,000 units (the “Units”) at a price of C$0.01 per Unit to raise gross proceeds of C$1.0 million (the “Offering”), NuLegacy Gold reports an Insider has sold a portion of their existing free trading shares of the Company to facilitate purchases by investors seeking free-trading shares (as opposed to four months hold units) with the proceeds of such Insider sales to fund subscription for additional Units under the Offering. As reported in his insider trading reports, Mr. Albert Matter, NuLegacy’s CEO, sold 10,000,000 shares for proceeds of $50,000 and will subscribe for 5.0 million additional units; Mr. Matter had previously committed to subscribing for 10.0 million units, raising his total participation in the offering to 15.0 million units (Cdn $150,000). The participation by directors and/or officers (collectively the “Insiders”) in the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on the fact that neither the fair market value of the Units subscribed for by the Insiders, nor the consideration for the Units to be paid by the Insiders, will exceed 25% of the Company’s total market capitalization The completion of the Offering is subject to, among other things, acceptance of the TSX Venture Exchange (the “TSXV”), and all securities issued pursuant to the Offering will be subject to a four month hold period from the date of Closing. About NuLegacy Gold NuLegacy Gold’s focus is exploring for a high-grade Carlin-style gold deposit on its flagship 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada directly on trend and adjacentI to three, multi-million ounce Carlin-type gold deposits (Pipeline, Cortez Hills and Goldrush) that are three of the world’s thirty largest, lowest cost, highest grade and politically safest gold mines and are three of Nevada Gold Mines’ most profitable mines.II On Behalf Of The Board Of NuLegacy Gold Corporation, Albert J. Matter, Chief Executive Officer & Cofounding Director Tel: +1 (604) 639-3640; Email: [email protected] For more information about NuLegacy visit: www.nulegacygold.co...