NuLegacy Gold Corporation (CVE:NUG) has taken advantage of improving markets for gold explorers to raise C$3mln in cash.
It has issued 10mln units through a non-brokered private placement at 30 cents a unit.
Each unit comprises one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period, subject to acceleration, of eighteen months at an exercise price of C$0.45 per share.
Shares in NuLegacy currently trade at around C$0.36.
"We are delighted that improved markets and NuLegacy's progress are permitting us to further fund our exploration programmes at better than twice the price of our April funding with OceanaGold," said Albert Matter, NuLegacy's chairman.
OceanaGold pumped C$6.67mln into NuLegacy back in April, acquiring 47.66mln shares at 14 cents a share, lifting its stake to around 19.9%.
"This funding will strengthen your company's balance sheet and enable us to accelerate the exploration of the Iceberg gold deposit and the rest of our highly prospective 38 square mile land package in the famed Cortez gold trend of Nevada," Matter said.