NuLegacy Reports on 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. 17, 2023 (GLOBE NEWSWIRE) -- Further to our news release of Sept 12^th, 2023 reporting 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 reports that as per paragraph eight of the aforementioned news release, “certain Insiders have made available for sale a portion of their existing free trading shares of the Company…to facilitate purchases by investors seeking free-trading shares…(as opposed to four months hold units) with proceeds of such Insiders sales to fund subscription for Units under the Offering.”  

As reported in his insider trading reports, Mr. Albert Matter, NuLegacy’s CEO, has made available ~10,000,000 shares for proceeds of ~$168,000 and thus will subscribe for 6.7 million units (~$168,000); Mr. Matter further commits to subscribing for an additional 3.3 million units to raise his participation in this offering to a minimum of 10.0 million units.

Mr. Matter commented, “Hunting for elephants in Nevada is a unique enterprise…mostly undertaken by the ‘big game hunters’ (Barrick, Newmont, etc.) and it took Barrick more than 10 years and ~ US$125 million to find our neighbor^I, the 10+ million-ounce Goldrush deposit^II.

We’ve spent ~ US$ 35 million over a ‘lucky 13’ years…and with the recent addition of the ‘Goldrush Three’, I believe we have improved our prospects of ‘bagging an elephant of a gold deposit’ significantly.” (4_-_geotechnical_team.jpg (1600×900) (nulegacygold.com)

To take part in a live online presentation on NuLegacy’s prospects, please contact:
[e-mail].

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.