Waterton invests in NuLegacy Gold

Reno-based exploration company NuLegacy Gold Corp. has raised $3.5 million in funding from Waterton. According to terms of the transaction, Waterton acquired 28.25 million shares of NuLegacy Gold at $.125 per share.

PRESS RELEASE

RENO, NEVADA–(Marketwired – Aug. 20, 2014) – NuLegacy Gold Corporation (TSX VENTURE:NUG)(PINKSHEETS:NULGF) is pleased to announce the closing of the $3.5 million financing announced August 18, 2014 with the issue of 28.25 million shares at a price of $0.125 per share to Waterton Precious Metals Fund II Cayman, LP (“Waterton”).

Waterton Global Resource Management, Inc., investment adviser to Waterton, is a private equity firm based in Toronto specializing in the metals and mining sector. It has a proven track record of creating and building value by combining extensive technical expertise with a disciplined approach to investment management. Waterton closed capital commitments in excess of U.S. $1 billion in March of this year. Waterton’s very capable technical people are familiar with Carlin-type geology, which provides NuLegacy Gold with access to additional geological talent to augment our highly successful Carlin-type deposit exploration team.

“This financing is an important milestone for NuLegacy Gold’, says NuLegacy’s CEO James Anderson, “It strengthens our balance sheet and enrolls a substantial mining industry savvy partner for our Nevada opportunities”.

The proceeds of this financing will be used for exploration on the Company’s Iceberg gold deposit in Nevada, general working capital and other corporate purposes. The 28,250,000 shares issued for consideration of $3,531,250 represent 19.9% of the outstanding shares and are subject to a 4 month hold period ending December 20, 2014. No finder’s fees or warrants have been issued in respect of this financing.

Waterton has the right to nominate one director to the Company’s board, participate pro rata in all future issuances of shares or convertible securities of the Company and a first right to purchase any shares of the Company offered to it by third parties. Waterton has agreed to provide the Company a three year voting trust agreement over its shares.

NuLegacy Gold has discovered a classic Carlin-type oxidized gold deposit (the Iceberg) with a potential exploration target(i) of 90 to 110 million tonnes grading between 0.70 gram and 1.00 gram of gold/tonne in the famed Cortez gold-trend of Nevada. The Iceberg is on a 60 sq. km portion of the Cortez optioned from Barrick Gold Corporation, and on trend with Barrick’s three multi-million ounce Carlin-type deposits that are its largest, lowest cost and politically safest gold mines in the world. The Iceberg is adjacent(ii) to the third of these, the Goldrush deposit(iii) which is the most significant green-field discovery by a major gold producer in the past five years.

NuLegacy’s fully funded 2014-15 exploration programs are designed to complete the earn-in to a 70% working interest in the Iceberg; they are focused on finding the higher grade cores usually associated with the Cortez’s Carlin-type gold deposits that make them such extraordinary prizes.

On Behalf Of The Board Of Directors Of NuLegacy Gold Corporation

James E Anderson, Chief Executive Officer

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 news release.

 

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