DarkPool
1 year ago
Further to our news release of Sept 12th, 2023 reporting a private placement1Β of 100,000,000 units (the βUnitsβ) at a price of C$0.025 per Unit to raise gross proceeds to the Company of C$2.5 million (the βOfferingβ), NuLegacy Gold reports that as per paragraph eight of the aforementioned news release, βcertain Insiders have made available for sale a portion of their existing free trading shares of the Companyβ¦to facilitate purchases by investors seeking free-trading sharesβ¦(as opposed to four months hold units) with proceeds of such Insiders sales to fund subscription for Units under the Offering.βΒ
That's funny!!!
DarkPool
2 years ago
Solid news.
Reno, NV β NuLegacy Gold reports it has created a 2% GOR (gross overriding royalty) on its Red Hill Property (the βGORβ) in preparation for a successful 2023 drilling program and the possibility of vending of the property to a producing company.
The GOR has been granted by NuLegacy Goldβs US subsidiary NuLegacy Gold Corporation NV, the holder of the Red Hill Property (βNUG NVβ), in favour of NuLegacy Gold, the parent company, thereby allowing NuLegacy Goldβs public shareholders to continue to benefit from any future development and mining of the Red Hill Property upon either the sale of the property or NuLegacy NV. The purchase price of US$6.0 million for the GOR has been satisfied by off-setting US$6.0 million from NUG NVβs outstanding intercompany loan due to NuLegacy Gold, which purchase price is subject to adjustment pending receipt of an independent valuation of the GOR.
Currently the Red Hill Property supports a 3.0% GOR, half of which (1.5%) is held by Metalla Royalty & Streaming Ltd. who purchased it in an armβs length transaction for approximately US$3.3 million in May 2020 when gold prices were circa US$1,600/ounce.
On Behalf of the Board of NuLegacy Gold Corporation,