RENO, NEVADA--(Marketwired - Jul 12, 2016) -
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NuLegacy Gold Corporation (TSX VENTURE:NUG)(NULGF) reports it has increased the non-brokered private placement financing announced July 4, 2016 to 19.5 million units to accommodate demand.
"We greatly appreciate this show of support from our existing and new shareholders," said NuLegacy CEO, James Anderson, "It will allow us to expand the operation by adding new expertise, executing additional geo-physical and geo-chemical survey programs that were previously constrained by budgetary limitations and modestly accelerate the drilling programs."
Each C$0.30 unit consists of one common share and a share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period, subject to acceleration, of eighteen months from closing date at an exercise price of $0.45. The proceeds of the financing will fund the Company's gold exploration programs and general corporate purposes.
The financing is expected to close on or about July 13, 2016, subject to the potential issuance of additional units, if any, pursuant to the exercise of existing equity participation rights as disclosed in the Company's news release of July 4, 2016. Closing is subject to conditional acceptance of the TSX Venture Exchange and finder's fees may be paid in accordance with Exchange policies.
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 in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes in and around the Iceberg deposit. To date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
ii The similarity and close proximity of these deposits to the Iceberg is not necessarily indicative of the gold mineralization in the Iceberg deposit.
iii As extracted from Barrick's Q4-2013 and Q1-2014 reports.
ON BEHALF OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
Dr. Roger Steininger, NuLegacy's COO is a Certified Professional Geologist (CPG 7417) and the qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects responsible for preparing and reviewing the scientific and technical information contained in this news release