Newswire: NuLegacy Closes Final Tranche of Private Placement

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    NuLegacy (TSXV:NUG) are a Nevada exploration company focused on discovering additional Carlin-style gold deposits on its premier district scale 98 sq. km (38 sq. mile) Red Hill Project in the prolific Cortez gold trend of Nevada.

    To date NuLegacy has discovered the Iceberg Carlin-style gold deposits and has identified several more highly prospective exploration targets that are being drilled this year.

    NuLegacy’s Red Hill Project is located on trend and adjacent to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold mines.

    Drilling in the Central zone of NuLegacy's deposits
    Drilling in the Central zone of NuLegacy’s deposits

    Yesterday, the company reported that it had completed the second and final tranche of 3,978,908 Units of the non-brokered private placement announced July 5 and 10, 2018 (the “Financing”) at a price of $0.20 per Unit for gross proceeds of $795,781.  Combined with the first closing on July 19, 2018, the Company has sold a total of 12,688,708 Units at a price of $0.20 per Unit for aggregate gross proceeds of $2,537,741.

    OceanaGold Corporation participated in the second closing for 2,099,538 Units at a total purchase price of $419,907 in order to maintain its equity ownership position in the Company at approximately 16.2%. In addition, directors and officers of the Company participated in the overall Financing for an aggregate of 4,525,870 Units for gross proceeds of $905,174.

    The Central zone of NuLegacy's deposits
    The Central zone of NuLegacy’s deposits

    Each Unit consisted of one common share and one share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company for a period of 24 months, subject to acceleration, at a price of $0.30. The net proceeds of the Financing will be used to fund further exploration of the Company’s Red Hill Project in Nevada and for general corporate and working capital purposes.

    Subject to acceptance of the TSX Venture Exchange, the Company will pay a finder’s fee (cash and finder’s warrants) on a portion of the Financing (excluding the participation by insiders and OceanaGold Corp.).

    All securities issued under the second closing are subject to a four month and one day hold period expiring December 14, 2018.


    Edited by Liam Hardy for MiningIR.com from NuLegacy’s August 14th 2018 press release

    MiningIR host a variety of articles from a range of sources, our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance before investing.

    Disclaimer
    MiningIR host a variety of articles from a range of sources, our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.

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