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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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: albert@nuggold.com
For more information about NuLegacy visit: www.nulegacygold.com or www.sedarplus.ca
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| 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. |
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| II. | Currently structured as an underground mine Goldrush contains P&P: 7.8 M oz @ 7.29 g/t; M&I: 8.5 M oz @ 7.07 g/t (inclusive of P&P); and Inferred: 4.5 M oz @ 6.0 g/t (as of December 31, 2021). Source: Corporate presentation of Nevada Gold Mines – Goldrush Underground dated September 22, 2022. |
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.