NuLegacy Gold Corporation (TSXV: NUG | OTC: NULGF) has announced that further to its reported private placement of 100M units at C$0.025 each for C$2.5M, certain insiders will sell a portion of their existing free trading shares to facilitate purchases by investors seeking free-trading shares.
As reported, Albert Matter, NuLegacy’s CEO, has made available ~10M shares for proceeds of ~C$168,000 and thus will subscribe for 6.7M units. Matter further commits to subscribing for an additional 3.3M units to raise his participation in this offering to a minimum of 10.0M units.
“Hunting for elephants in Nevada is a unique enterprise…mostly undertaken by the ‘big game hunters’ (Barrick, Newmont, etc.) and it took Barrick more than 10 years and ~ US$125M to find our neighbor, the +10Moz Goldrush deposit,” Matter commented.
“We’ve spent ~US$35M over a ‘lucky 13’ years…and with the recent addition of the ‘Goldrush Three’, I believe we have improved our prospects of ‘bagging an elephant of a gold deposit’ significantly.”
Up to 80% of the net proceeds of the offering will be used to carry out NuLegacy’s planned 2023 exploration programme of five or more reverse circulation drill holes on the company’s flagship 108sq. km. Red Hill property in the Cortez-gold trend of Nevada, as more particularly described in our news release of 22 August 2023, at a budgeted cost of US$1.25M (C$1.75M). The balance of the net proceeds from the offering will be used for general corporate and working capital purposes including management fees and salaries.
Drilling is expected to begin within 10 days of closing of the offering, with an initial closing expected to occur on or about 12 October 2023, or such earlier date as the company has received subscriptions for more than 50% of the offering.
For further information, please visit: www.nulegacygold.com
To read more articles like this, please visit: www.theassay.com