NuLegacy Gold Reports Closing of Cost Rationalization Agreement

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RENO, Nev., Sept. 10, 2024 (GLOBE NEWSWIRE) -- NuLegacy Gold Corporation (“NuLegacy” or the “Company”) reports that it has completed the issuance of 42,000,000 units (the “Amendment Units”) at a deemed price of $0.01 per Amendment Unit to Metalla Royalty & Streaming Ltd. (“Metalla”) in consideration for Metalla eliminating the Company’s obligation to incur annual exploration expenditures of US$150,000 for calendar years 2024 and 2025 on the unpatented mining claims forming part of NuLegacy’s Red Hill property governed by mining lease between the Company’s wholly-owned US subsidiary, NuLegacy Gold Corporation NV, and Idaho Resources Corporation, a subsidiary of Metalla, as originally announced on August 15, 2024 (https://bit.ly/nugfinancingAug2024).

Each Amendment Unit consists of one common share of the Company and one warrant to purchase an additional common share at a price of $0.05 for a period of five years, subject to re-pricing and acceleration, if applicable, in the event the Company’s proposed 25 to 1 reverse split/consolidation, also announced August 15, 2024, is approved by shareholders at the Company’s upcoming annual general meeting on October 7, 2024 and the TSX Venture Exchange. All securities issued to Metalla are subject to a four month hold period expiring January 7, 2025.

With the issuance of the Amendment Units to Metalla now complete, the Company intends to refocus its efforts on completing the balance of the 100,000,000 units (“Units”) private placement announced August 15^th, of which $452,000 (45.2 million units) were closed on August 27^th, 2024 (https://bit.ly/1stTranche), with a second closing anticipated before the end of September, or such earlier time as completed.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.