- NuLegacy Reports on Additional Insider Participation in its Private Placement -

By regulatory requirement, 
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

RENO, Nev., Sept. 28, 2023 (GLOBE NEWSWIRE) -- Further to our news release of Sept 12^th, 2023 announcing a private placement¹ of 100,000,000 units (the “Units”) at a price of C$0.025 per Unit to raise gross proceeds to the Company of C$2.5 million (the “Offering”), NuLegacy Gold advises that as reported in his insider trading reports, Mr. Alexander Davidson, NuLegacy’s Chairman, has made available for sale ~7.5 million shares and will use the full proceeds to subscribe for 4.5 million of the 2.5 cents units of this private placement.

Mr. Davidson commented, “As reported on September 17^th, Mr. Matter and I are determined to see the above referenced funding of NuLegacy’s drilling program succeed.”

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Up to 80% of the net proceeds of this Offering will be used to carry out NuLegacy’s planned 2023 exploration program of five or more reverse circulation drill holes on the Company’s flagship 108 sq. km. Red Hill property in the Cortez-gold trend of Nevada, at a budgeted cost of US$1.25 million (Cdn$1.75 million). 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 (the “Closing”), with an initial Closing expected to occur on or about October 12, 2023, or such earlier date as the Company has received subscriptions for more than 50% of the Offering.

Each Unit consists of one common share of the Company (a “Common Share”) and one transferable Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one Common Share of the Company for a five-year term following Closing of the Offering at an exercise price of C$0.05, subject to acceleration only in the event of a take-over bid, merger, plan of arrangement or similar business combination transaction of the Company, provided the then trading price of the Company’s shares is at least $0.15 per share.