NuLegacy Gold Corporation (TSX-V:NUG) (OTC PINK:NULGF) is arranging a non-brokered private placement financing of 15 million units at a price of $0.125 per unit to raise C$1.875 million.
Each Unit consists of one common share and one-half share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share for a period of two years at an exercise price of $0.15 during the first year and $0.20 during the second. Closing of the transaction is subject to conditional acceptance of the TSX Venture Exchange and finder’s fees may be paid.
NuLegacy is adding these funds to strengthen its balance sheet and maintain financial flexibility. The Company has the funds on hand to complete the remaining $700,000 (of the original total of $5.0 million of qualified exploration expenditures) required to earn-into its 70% working interest in the Iceberg gold deposit.
“As we near the completion of the earn-in to the Iceberg gold deposit we are accepting additional funding from our shareholders,” commented company Chairman Albert Matter, “Depending on Barrick’s decision, the funds will be used to carry out further drilling and exploration to expand the Iceberg or fund the exploration of our 100% working interest in the Idaho Resources Corporation (IRC) claims, which have similar favorable geology as and are located directly adjacent to the east of the Iceberg deposit.”
Exploration of the Iceberg continues with assays from the second set of six holes drilled this year expected by mid-June and drilling of the next set of 6 holes scheduled to begin June 8.
About NuLegacy:
-- Focused on delineating gold resources in the prolific Cortez gold trend
of Nevada.
-- Completing the earn-in to a 70% working interest in a classic Carlin-
type oxidized gold deposit (the Iceberg) on a 23 sq. mile portion of the
Cortez trend under option from Barrick Gold Corporation by year-end
2015.
-- As at year end-2014, the Iceberg gold deposit had an exploration
target(i ) of 90 to 110 million tonnes grading between 0.90 grams and
1.10 grams of gold/tonne. It is on trend with three of Barrick's multi-
million ounce Carlin-type gold systems that are its largest, lowest cost
and politically safest gold deposits,(ii) and is adjacent(iii) to the
Goldrush deposit.(iv)
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