NuLegacy Gold (TSX-V:NUG, StockForum) raised the ceiling on its most recent private placement offering to 12.5 million units at a price of $0.10 per share for total proceeds of $1.25 million.
According to the news release, “Each Unit consists of one common share and one share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share of the Company for a period of 36 months, subject to acceleration, at a price of $0.15 during the first 18 months and $0.20 during the last 18 months.”
It went on to explain, “The net proceeds will be used to finance the Company's continuing exploration program on its Iceberg gold project in Nevada, United States and for general corporate purposes. The Company may pay a finder's fee in connection with the financing in accordance with the policies of the TSX Venture Exchange.”
NuGold was in the news recently when the company closed the first tranche of its initial 10 million unit offering.
Shares were up 4.55% on the news to $0.12 per share.
Currently there are 86,878,879 outstanding shares with a market cap of $10.43 million.