NuLegacy Gold Corp (TSX-V:NUG) said some of its insiders and principals have subscribed for/committed to C$1.1 million, or 44.23%, of its previously announced C$2.5 million non-brokered private placement at a price of C$0.025 per unit.
The gold exploration company said the initial closing of the offering is scheduled for the last week of October 2023, and NuLegacy’s marketing efforts will now focus on accredited investors, close friends and business associates with the final closing expected on or before November 14, 2023.
As well, the company reported that it is beginning the planned fall drill program of five holes with "great expectations" that one of will return a 'discovery' intercept.
"With this configuration of holes, we should either hit a good intercept or be close enough that the alteration and geochemical analysis will vector us in the right direction," NuLegacy Gold exploration team leader Nancy Richter said in a statement.
NuLegacy noted it will mobilize the drill onto the property on or about the week of October 30, 2023, and expect the initial couple of holes to be ready for assaying in mid-November just after closing the offering.
NuLegacy Gold’s focus is discovering a high-grade Carlin-style gold deposit on its flagship Red Hill Property in Nevada’s Cortez gold trend, directly on trend and adjacent to three, multi-million-ounce Carlin-type gold deposits.
Contact Sean at sean@proactiveinvestors.com