NuLegacy Updates Private Placement Closing

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RENO, Nev., Nov. 02, 2023 (GLOBE NEWSWIRE) -- The Company announces that it has scheduled an initial closing of its previously announced non-brokered private placement of 100,000,000 units (“Units”) at a price of C$0.025 per Unit for gross proceeds of C$2,500,000 (the “Offering”) for November 3, 2023. The initial closing will consist of 30,664,000 Units for gross proceeds of C$766,600 including the participation by certain directors and officers of the Company totaling 16,100,000 Units. A second closing of the Offering including the lead order for 10% of the Offering by Crescat Capital is expected by mid-November. The TSX Venture Exchange has granted the Company an extension to complete the Offering until November 26, 2023.

In addition to funding the planned drill program on the Company’s 108 sq. km. Red Hill property in the Cortez Gold Trend of Nevada, US$181,818 from the net proceeds of the Offering will be used to satisfy in cash certain exploration expenditures required under the Company’s mining lease with Idaho Resources Corporation (“IRC”) covering the eastern portion of the Red Hill property. In turn, the parent company of IRC has subscribed for 10,000,000 Units of the Offering for a purchase price of C$250,000 and will be included in the initial closing. All securities issued pursuant to the initial closing will be subject to a 4-month hold period expiring March 4, 2024.

About NuLegacy Gold: NuLegacy Gold is exploring for high-grade Carlin-style gold deposits on its superbly located 108 sq. km (42 sq. mile) district scale Red Hill property. Red Hill is on trend/adjacent^I to three of Nevada Gold Mines’ most profitable multi-million ounce Carlin-type gold mines; the Pipeline, Cortez and Goldrush^II with their massive 50+ million ounces gold endowment. These are three of the thirty largest, lowest cost, highest grade, and politically safest gold mines, producing circa 3% of the world’s gold. Each of NuLegacy’s seven principals/exploration team members has contributed to the discovery/expansion of one or more of Nevada’s seven massive Carlin-style gold deposits.