NuLegacy Gold Reports Closing of C$5.625 Million Private Placement - Seite 2

Our US$500,000 expansion of our permitted Plan of Operations over the Red Hill property is on schedule for submission to the BLM in July with acceptance anticipated in September; discussions are under way toward a drilling contract/s for one RC rig and two core rigs to start drilling mid-October.”

Offering details:  Each Unit consisted of one common share of the Company (a “Common Share”) and one-half of one transferable Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share of the Company at an exercise price of C$0.125 for a period, subject to acceleration, of 24 months from closing of the Offering.

The net proceeds of the Offering will be used to carry out the expanded exploration program on the Rift Anticline including the 16 planned core holes, as well as for general corporate and working capital purposes.

Certain finder’s and/or advisory fees were paid in cash, shares and/or warrants to various arm’s length dealers in connection with the Offering in accordance with the policies of the TSXV. All securities issued pursuant to the Offering are subject to a four month hold period from the date of issue.  

About NuLegacy Gold Corporation: Focused on confirming high-grade Carlin-style gold deposits on its premier 108 sq. km (42 sq. mile) district scale Red Hill Property in the Cortez gold trend of Nevada.  The Red Hill Property is located on trend and adjacent^I to the three multi-million ounce Carlin-type gold deposits (the Pipeline, Cortez Hills and Goldrush deposits) that are amongst Barrick Gold’s largest, lowest cost and politically safest gold mines^II.

¹ There should be time enough for four to six holes in the fall (2020) before winter shut down with the balance of the holes scheduled to start up in the late spring 2021.
² The proximity of Red Hill to other gold deposits in the Cortez trend is not necessarily indicative of gold mineralization at Red Hill.

^I The similarity and proximity of these deposits in the Cortez Trend including Goldrush is not necessarily indicative of the gold mineralization in NuLegacy’s Red Hill Property.
^II As extracted from Barrick’s Q4-2013 and Q1-2014 reports.  As reported by Barrick, the Goldrush resource contains 8,557,000 indicated ounces of gold within 25.78 million tonnes grading ~10.57 g/t and 1,650,000 inferred ounces within 5.6 million tonnes grading ~9.0 g/t.

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 this news release.