NuLegacy Provides Private Placement and Exploration Program Update
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RENO, Nev., Oct. 16, 2023 (GLOBE NEWSWIRE) -- We are pleased to report that insiders and principals of NuLegacy have subscribed for/committed to 44.23 million units (C $1.1 million or
44.23%) of the Company’s non-brokered private placement of 100 million units at a price of C$ 0.025 (two and one-half cents) per unit for gross proceeds of C$2,500,000, announced on September
12th, 2023 (the “Offering”). The initial closing of the Offering is scheduled for the last week of October 2023.
Our marketing will now focus on accredited investors, close friends and business associates with the final closing expected on or before November 14th, 2023.
Fall drilling program: We are starting this fall’s planned drilling program of five holes with “great expectations” that one of them will return a “discovery” intercept. Ms. Nancy Richter, our exploration team leader, expressed her view as,
“With this configuration of holes, we should either hit a good intercept or be close enough that the alteration and geochemical analysis1 will vector us in the right direction.”
Drill Targeting the “Sweet Spot’ - the Midrift
To enlarge map, click https://bit.ly/2023drillplanmap
Field update: Under the supervision of our Exploration Manager, Mr. Charles Weakly, our logistics contractor (Legarza Exploration for road building, maintenance, etc.) started preparations as scheduled on October 10th, and our driller, Envirotech, will mobilize onto the property on or about the week of Oct. 30th, 2023; thus we expect the initial couple of holes to be ready for assaying (following logging and assay preparation) in mid-November just after closing the Offering.
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Online presentations of NuLegacy’s prospects: https://nulegacygold.com/investors/events/
The participation in the Offering by certain insiders and principals will be exempted from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) pursuant to sections 5.5(a) and 5.7(1)(a) thereof based on the fact that neither the fair market value of the units subscribed for by each such insiders and principals, nor the consideration for the units to be paid by same, will exceed 25% of the Company’s market capitalization.