By regulatory requirement,
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES –
~ AGM to approve re-capitalization ~
~ Exploration Update ~
RENO, Nev., Aug. 28, 2024 (GLOBE NEWSWIRE) — NuLegacy Gold reports closing C$452,000 (45,200,000 units) out of the C$1,000,000 (100,000,000 unit) private placement announced August 15, 2024 (the “Offering”).
Crescat Capital, together with various NuLegacy Gold directors and advisors, are closing on $400,000 (40 million units) of their lead order commitment to purchase 45,200,000 Units ($452,000) of the total 100,000,000 Units, the balance pledged for the next closing of the Offering.
Each unit (a “Unit”) consists of one common share of the Company (a “Common Share”) and one transferable warrant to purchase an additional Common Share for a period of five years at a nominal1 exercise price of $0.05 (the “Warrant”). For full details see terms sheets at: https://bit.ly/NUGtermsheets.
Final closing of the offering is scheduled for September 27, 2024, or such earlier date as the Offering has been sold out. The proceeds of the Offering shall be used as follows and none shall be used for investor relations service fees:
| Expenditure Item | Assuming 100% of the Offering |
| Mineral Properties Maintenance Costs | $399,000 |
| General and Administrative | $300,000 |
| Issue expenses est’d. | $75,000 |
| Unallocated Working Capital | $226,000 |
| Total: | $1,000,000 |
All securities issued in connection with the initial closing are subject to a four-month hold period expiring December 28, 2024.
Certain directors, officers and 10% shareholders of the Issuer (collectively the “Insiders”) have participated in the private placement. The participation of the Insiders in the Private Placement constitutes “related party transactions” for the purposes of Exchange Policy 5.9. To this end, the Issuer is relying upon the exemptions from the formal valuation and minority shareholder approval requirements.
Exploration Update
Since our last news release of August 15, 2024, NuLegacy has compiled new exploration data and target analysis. Additional analysis will be provided as completed.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About NuLegacy Gold: Exploration
NuLegacy is focused on exploring for high-grade Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile) district scale Red Hill property. The property is on trend/adjacent to three of Nevada Gold Mines’ most profitable multi-million ounce Carlin-type gold mines; the Pipeline, Cortez, and Goldrush. These mines have massive gold endowments and are among the world’s largest, lowest cost, highest grade, and politically safest gold mines.
| 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. |
| 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. |
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
Dr. Roger Steininger, a Director of NuLegacy, 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 approving the scientific and technical information contained in the linked power point presentation.
Cautionary Statement on Forward-Looking Information: This news release contains forward-looking information and statements under applicable securities laws, which information and/or statements relate to future events or future performance. Readers are cautioned that such forward-looking information and statements are subject to risks and uncertainties that may cause future results to differ materially from those expected.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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1 See NuLegacy’s news release dated August 15, 2024, for details of the Company’s plan to reprice the exercise price of the Warrants post-Consolidation.
Additional Insight:
To attract more investors and secure funding, NuLegacy Gold has strategically engaged Crescat Capital, along with its directors and advisors, to participate in a private placement. This diversified approach not only boosts credibility but also signals confidence in the company’s prospects. By emphasizing the use of proceeds and adhering to regulatory requirements, NuLegacy demonstrates transparency and commitment to responsible financial management, enhancing its reputation within the investment community. Furthermore, the exploration update showcases the company’s progress and potential for uncovering valuable gold deposits, positioning NuLegacy as an attractive opportunity for investors looking to capitalize on the precious metal market.
