NuLegacy Gold Reports Closing 100 Million Units PP
~ Nets C$11.75 million ~
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VANCOUVER, British Columbia, Jan. 15, 2021 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation is pleased to report the closing of the 100,000,000 units (the “Units”) private placement at a price of C$0.125 per Unit to raise gross proceeds to the Company of C$12.5 million (the “Offering”) announced January 9, 2021.
Each Unit consists of one common share of the Company (a “Common Share”) and one transferable Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one Common Share of the Company at an exercise price of C$0.20 for a period of 36 months from today.
NuLegacy’s CEO Albert Matter comments that “We are all very grateful for the support from our existing shareholders and the financial community, particularly Canaccord-Genuity (Financial Advisor) and Crescat Capital (Lead order) and their representatives, as well as several new brokerage supporters including Echelon Partners; also am recognizing our corporate staff’s extraordinary efforts in closing this PP in five business days.
Completing this financing at this time was supported by our Chairman Alex Davidson, Advisor Quinton Hennigh and myself underwriting in the aggregate up to the 25% maximum amount permitted by related parties under MI 61-101 exemptions. Completing the financing was critical as it allows NuLegacy to start contracting for the much bigger and more expensive deep drilling rigs and the superior drillers needed that will soon be in short supply as the contracting season for Nevada’s 2021 drilling season is underway…and that’s not like texting for an Uber. This financing will enable us to accelerate the expanded Spring/Summer 2021 drilling program, and I thank everyone involved for putting NuLegacy in that position, ‘thank you’.”
The issue has been closed with 100% of it subscribed for and documented, 82% funded as at this date, and the balance of the funding pending with delivery of funds undertaken for Monday, Jan 18th. The net proceeds of the Offering will be used to carry out an expanded exploration program on the Rift Anticline beyond the 12 core holes currently planned for the Spring-Summer 2021 drilling program, as well as for general corporate and working capital purposes.