NuLegacy Gold Corp (TSX-V:NUG) announced the closing of a C$452,000 tranche as part of its previously announced C$1 million private placement.
The initial tranche represents 45.2 million units, with Crescat Capital and various company directors and advisors contributing $400,000 of the total.
Each unit in the offering includes one common share and a transferable warrant to purchase an additional share at $0.05 for five years. The final closing is expected by September 27, 2024, or sooner if the offering is fully subscribed.
The proceeds will be allocated towards mineral property maintenance, general administrative expenses, and working capital, NuLegacy said in a statement.
The company also said it has updated its exploration data and target analysis, which is now available in a presentation on its website.