NuLegacy Closes Second Tranche of PP

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RENO, Nev., Nov. 17, 2023 (GLOBE NEWSWIRE) -- NuLegacy is pleased to announce it has closed as scheduled, the lead order of 10 million units (“Units”) at a price of C$0.025 per Unit by Crescat Portfolio Management LLC, on behalf of certain managed funds (collectively “Crescat”). This closing, together with that of, among others, certain directors, and officers of NuLegacy on November 3, 2023, brings the total Units closed to 40,664,000 Units for C$1,016,000.

As part of Crescat’s subscription, NuLegacy has granted Crescat an equity participation right to maintain its pro-rata ownership interest in the Company for so long as it owns 5% or more of the issued and outstanding common shares of NuLegacy. A final closing of the Company’s previously announced non-brokered private placement of 100,000,000 Units at a price of C$0.025 per Unit for gross proceeds of C$2,500,000 (the “Offering”) for remaining institutional and individual investors is scheduled for November 27 as drilling has commenced, and the Company seeks to complete the Offering before the receipt of any assay results that could result in an upward re-pricing of the Units under the policies of the TSX Venture Exchange. All securities issued to Crescat pursuant to the second closing are subject to a four month hold period expiring on March 18, 2024.

“We are very grateful for Crescat’s exemplary partnership in NuLegacy’s development,” commented Albert Matter, NuLegacy’s CEO.

About NuLegacy Gold: For the past decade NuLegacy has 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 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 world’s thirty largest, lowest cost, highest grade, and politically safest gold mines, producing annually circa 3% of the world’s gold. Seven of NuLegacy’s principals/exploration team members have contributed to/participated in the discovery/expansion of one or more of Nevada’s seven massive Carlin-style gold deposits.