May 29, 2015 - Reno, NV - NuLegacy Gold Corporation reports it has increased the non-brokered private placement financing announced May 26, 2015 to 17.5 million units to accommodate demand.
Each Unit consists of one common share and one-half share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share for a period of two years at an exercise price of $0.15 during the first year and $0.20 during the second. The proceeds of the financing will be used to finance the Company's gold exploration programs and for general corporate purposes. Insiders of the Company may participate for up to 25% of the financing. Closing of the transaction is subject to conditional acceptance of the TSX Venture Exchange and finder's fees may be paid in accordance with the policies of the TSX Venture Exchange.
About NuLegacy:
- Focused on delineating gold resources in the prolific Cortez gold trend of Nevada.
- Completing the earn-in to a 70% working interest in a classic Carlin-type oxidized gold deposit (the Iceberg) on a 23 sq. mile portion of the Cortez trend under option from Barrick Gold Corporation by year-end 2015.
- As at yearend-2014, the Iceberg gold deposit had an exploration targeti of 90 to 110 million tonnes grading between 0.90 grams and 1.10 grams of gold/tonne. It is on trend with three of Barrick's multi-million ounce Carlin-type gold systems that are its largest, lowest cost and politically safest gold deposits,ii and is adjacentiii to the Goldrush deposit.iv
ON BEHALF OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
For further information, please ph. 604-638-4959, contact James Anderson at james@nuggold.com, Albert Matter at albert@nuggold.com, Roger Steininger, COO at roger@nuggold.com, or visit www.nulegacygold.com.
Dr. Roger Steininger, NuLegacy's chief operating officer 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 preparing and reviewing the scientific and technical information contained in this news release.
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 news release.
i These figures are conceptual in nature and derived from a compilation of 149 historic and 34 NuLegacy drill holes in and around the Iceberg deposit. To date, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
ii As extracted from Barrick's Q4-2013 and Q1-2014 reports.
iii The close proximity of the Goldrush deposit to the Iceberg deposit is not necessarily indicative of the gold mineralization in the Iceberg deposit.
iv As reported by Barrick as of December 31, 2013, the Goldrush deposit contained a resource of 423,000 ounce of gold (3.1 million tons grading 0.137 oz./ton - measured), 9,537,000 ounces (72.5 million tons grading 0.132 oz./ton - indicated) and 5,555,000 ounce (39.5 million tons grading 0.141oz./ton - inferred).
