NuLegacy Gold Corporation (“
NuLegacy” or the
“
Company”) reports that it has completed the
issuance of 42,000,000 units (the “
Amendment
Units”) at a deemed price of $0.01 per Amendment Unit to
Metalla Royalty & Streaming Ltd. (“
Metalla”)
in consideration for Metalla eliminating the Company’s obligation
to incur annual exploration expenditures of US$150,000 for calendar
years 2024 and 2025 on the unpatented mining claims forming part of
NuLegacy’s Red Hill property governed by mining lease between the
Company’s wholly-owned US subsidiary, NuLegacy Gold Corporation NV,
and Idaho Resources Corporation, a subsidiary of Metalla, as
originally announced on August 15, 2024
(https://bit.ly/nugfinancingAug2024).
Each Amendment Unit consists of one common share
of the Company and one warrant to purchase an additional common
share at a price of $0.05 for a period of five years, subject to
re-pricing and acceleration, if applicable, in the event the
Company’s proposed 25 to 1 reverse split/consolidation, also
announced August 15, 2024, is approved by shareholders at the
Company’s upcoming annual general meeting on October 7, 2024 and
the TSX Venture Exchange. All securities issued to Metalla are
subject to a four month hold period expiring January 7, 2025.
With the issuance of the Amendment Units to
Metalla now complete, the Company intends to refocus its efforts on
completing the balance of the 100,000,000 units
(“Units”) private placement announced August 15th,
of which $452,000 (45.2 million units) were closed on August 27th,
2024 (https://bit.ly/1stTranche), with a second closing anticipated
before the end of September, or such earlier time as completed.
The securities described herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act"),
or any state securities laws, and accordingly, may not be offered
or sold within the United States except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities requirements or pursuant to exemptions therefrom.
This press release does not constitute an offer to sell or a
solicitation to buy any securities in any jurisdiction.
About NuLegacy Gold:
Exploration: NuLegacy is focused on exploring for
high-grade Carlin-style gold deposits on its premier 108
sq. km (42 sq. mile) district scale Red Hill property. The Red Hill
is on trend/adjacentI to three of Nevada Gold Mines’ most
profitable multi-million ounce
Carlin-type gold mines; the Pipeline, Cortez and
GoldrushII with their massive 50+ million ounces gold endowment.
These are three of the world’s thirty largest, lowest cost, highest
grade, and politically safest gold mines, producing annually
approximately 3% of the world’s gold.
- The
similarity and proximity of these deposits in the Cortez Trend
including Goldrush are not necessarily indicative of the gold
mineralization in NuLegacy’s Red Hill Property.
- Currently structured as an
underground mine Goldrush contains P&P: 7.8 M oz @ 7.29 g/t;
M&I: 8.5 M oz @ 7.07 g/t (inclusive of P&P); and Inferred:
4.5 M oz @ 6.0 g/t (as of December 31, 2021). Source: Corporate
presentation of Nevada Gold Mines – Goldrush Underground dated
September 22, 2022.
On Behalf Of The Board Of NuLegacy Gold
Corporation
Albert J. Matter, Chief Executive Officer &
Cofounding Director Tel: +1 (604) 639-3640; Email:
albert@nuggold.com
For more information about NuLegacy visit: www.nulegacygold.com
or www.sedarplus.ca
Dr. Roger Steininger, a Director of NuLegacy, 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 approving the scientific and technical
information contained in this news release.
Cautionary Statement on Forward-Looking
Information: This news release contains forward-looking
information and statements under applicable securities laws, which
information and/or statements relate to future events or future
performance (including, but not limited to, the Company’s current
private placement offering, its overall size, completion date(s)
and use of proceeds therefrom, the prospective nature of the Red
Hill Property including the targets identified thereon, the
proposed share consolidation and the anticipated warrant price
amendment) and reflect management’s current expectations and
beliefs based on assumptions made by and information currently
available to the Company. Readers are cautioned that such
forward-looking information and statements are neither promises nor
guarantees, and are subject to risks and uncertainties that may
cause future results to differ materially from those expected
including, but not limited to, market conditions, availability of
financing, actual results of exploration activities and drilling,
unanticipated geological, stratigraphic and structural formations,
misinterpretation or incorrect analysis of projected geological
structures, alterations and mineralization, environmental risks,
operating risks, adverse weather conditions, accidents, labour
issues, delays in obtaining governmental approvals and permits,
inability to secure drilling equipment and/or contractors on a
timely basis or at all, delays in receipt of assay results from
third party laboratories, inflation, future prices for gold,
changes in personnel and other risks in the mining industry. There
are no assurances that the net proceeds from the offering will be
sufficient to maintain and advance the Red Hill Property and the
Company’s continued operations through December 2025, that the
share consolidation will be approved by the Company’s shareholders
and the TSX Venture Exchange or that the warrant price amendment
will be affected on the basis contemplated or at all. Furthermore,
there are no known mineral resources or reserves in the Red Hill
Property and the presence of gold resources on properties adjacent
or near the Red Hill Property including the Goldrush deposit is not
necessarily indicative of the gold mineralization on the Red Hill
Property. Future exploration programs on the Red Hill Property, if
any, will be exploratory searches for ore. There is also
uncertainty surrounding elevated inflation and high interest rates,
the ongoing wars in Ukraine and Gaza and the continued spread and
severity of COVID-19, and the impact they will have on the
NuLegacy’s operations, personnel, supply chains, ability to raise
capital, access properties or procure exploration equipment,
supplies, contractors, and other personnel on a timely basis or at
all and economic activity in general. All the forward-looking
information and statements made in this news release are qualified
by these cautionary statements and those in our continuous
disclosure filings available on SEDAR+ at www.sedarplus.ca. The
forward-looking information and statements in this news release are
made as of the date hereof and the Company does not assume any
obligation to update or revise them to reflect new events or
circumstances save as required by applicable law. Accordingly,
readers should not place undue reliance on forward-looking
information and statements.
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 release.
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