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
MidriftTo 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.
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.
About NuLegacy Gold: NuLegacy
Gold’s focus is discovering a high-grade Carlin-style gold deposit
on its flagship 108 sq. km (42 sq. mile) district scale Red Hill
Property in the Cortez gold trend of Nevada directly on trend and
adjacentI to three, multi-million ounce Carlin-type gold deposits
(Pipeline, Cortez Hills and Goldrush) that are ranked amongst the
world’s thirty largest, lowest cost, highest grade and politically
safest gold mines and are three of Nevada Gold Mines’ most
profitable mines.II
On Behalf Of The Board Of NuLegacy Gold
Corporation
Albert J. Matter, Chief Executive Officer &
Cofounding DirectorTel: +1 (604) 639-3640; Email:
albert@nuggold.com
For more information about NuLegacy visit: www.nulegacygold.com
or www.sedarplus.ca
I The similarity and proximity of these deposits in the
Cortez Trend including Goldrush are not necessarily indicative of
the gold mineralization in NuLegacy’s Red Hill
Property.II Currently structured as an underground mine
Goldrush contains P&P: 7.8 M oz @ 7.29 g/t; M&I: 8.5 M oz @
7.07 g/t (inclusive of P&P); and Inferred: 4.5 M oz @ 6.0 g/t
(as of December 31, 2021). Source: Corporate presentation of Nevada
Gold Mines – Goldrush Underground dated September 22, 2022.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful, including any of the
securities in the United States of America. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "1933 Act") or any state securities
laws and may not be offered or sold within the United States or to,
or for account or benefit of, U.S. Persons (as defined in
Regulation S under the 1933 Act) unless registered under the 1933
Act and applicable state securities laws, or an exemption from such
registration requirements is available.
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.
Cautionary Statement on Forward-Looking
Information: This news release contains forward-looking
information and statements under applicable securities laws, which
information and/or statements relate to future events or future
performance (including, but not limited to, the Offering, the total
subscriptions and commitments received to date including the
participation by insiders and principals, the proposed closing
dates and final size of the Offering; the prospective nature of and
proposed 2023 fall drill program at Red Hill including the priority
drill targets and the estimated timing, costs and potential results
thereof including our expectation of a ‘discovery’ intercept and
reflect management’s current expectations and beliefs based on
assumptions made by and information currently available to the
Company. Readers are cautioned that such forward-looking
information and statements are neither promises nor guarantees, and
are subject to risks and uncertainties that may cause future
results to differ materially from those expected including, but not
limited to, market conditions, availability of financing, actual
results of exploration activities and drilling, unanticipated
geological, stratigraphic and structural formations,
misinterpretation or incorrect analysis of projected geological
structures, alterations and mineralization, environmental risks,
operating risks, accidents, labor issues, delays in obtaining
governmental approvals and permits, inability to secure drilling
equipment and/or contractors on a timely basis or at all, delays in
receipt of assay results from third party laboratories, inflation,
future prices for gold, changes in personnel and other risks in the
mining industry. There are no assurances that the Company will
successfully complete the Offering to raise sufficient funds to
conduct the proposed 2023 fall drill program, in whole or in part.
Furthermore, there are no known mineral resources or reserves in
the Red Hill Property, any proposed exploration programs are
exploratory searches for bodies of ore and the presence of gold
resources on properties adjacent or near the Red Hill Property
including the Goldrush deposit is not necessarily indicative of the
gold mineralization on the Red Hill Property. There is also
uncertainty about the continued spread and severity of COVID-19,
the ongoing wars in Ukraine and Gaza, elevated inflation and high
interest rates and the impact they will have on the NuLegacy’s
operations, personnel, supply chains, ability to raise capital,
access properties or procure exploration equipment, supplies,
contractors, and other personnel on a timely basis or at all and
economic activity in general. All the forward-looking information
and statements made in this news release are qualified by these
cautionary statements and those in our continuous disclosure
filings available on SEDAR+ at www.sedarplus.ca. The
forward-looking information and statements in this news release are
made as of the date hereof and the Company does not assume any
obligation to update or revise them to reflect new events or
circumstances save as required by applicable law. Accordingly,
readers should not place undue reliance on forward-looking
information and statements.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
1 Usually takes ~25 days after receipt of gold assays for
complete geochemical analysis.
Nulegacy Gold (TSXV:NUG)
Historical Stock Chart
From Oct 2024 to Nov 2024
Nulegacy Gold (TSXV:NUG)
Historical Stock Chart
From Nov 2023 to Nov 2024