Mar 5 2011
NuLegacy Gold Corporation (TSX VENTURE:NUG) announces that it has increased the size of the non-brokered private placement announced on February 22, 2011.
The Company will now issue a total of 4,410,500 units (the "Units") at a price of C$0.30 per Unit for gross proceeds of C$1,323,150. Each Unit will consist of one common share and one warrant to purchase an additional common share of the Company for a period of 18 months at a price of C$0.40 during the first 12 months and $0.55 during the last 6 months.
The proceeds of the financing will be used to finance the Company's work programs in the United States and for general corporate purposes. The private placement is subject to acceptance by the TSX Venture Exchange.
NuLegacy Gold Corporation is a Nevada focused gold exploration company. The Company has under option:
- the 45 square mile Red Hill Prospect in the well established and prolific Cortez gold trend located directly between Barrick Gold's Cortez Hills operation to the north and the US Gold's Tonkin Springs operation to the south, and
- the 35 square mile Wood Hills South Prospect which is contiguous to the West Pequop and Long Canyon discoveries in the emerging Pequop gold trend that Fronteer Gold recently acquired 49% of for approximately $300 million.
Our objective is the discovery of significant multi-million ounce gold deposits utilizing highly focused exploration programs.
Source: NuLegacy Gold Corporation