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NuLegacy looking to raise up to C$7.5M for drilling at Red Hill gold project

NuLegacy Gold Corp. is offering a fully marketed private placement of units at 7.5 Canadian cents apiece to raise between C$4.0 million and C$7.5 million.

The company said Sept. 17 that it will use the proceeds for a budgeted drilling program at its Red Hill gold project in Nevada and for general corporate and working capital purposes.

Each unit will consist of a common share and one-half of a share purchase warrant, with each warrant allowing the holder to acquire an additional common share at 12 Canadian cents within 36 months.

NuLegacy CEO Albert Matter said the drilling program will build on results of step-out drilling during 2018 and 2019, which improved Red Hill's perspectivity to a tier 1 exploration asset.

In early June, the company suspended exploration plans in Nevada, citing tough financing markets, and said it was looking to preserve cash and find a partner or merger opportunity.