January 21, 2014 - Reno, NV - NuLegacy Gold Corporation reports that the previously announced $2.0 million share exchange financing with Global Resources Investments Ltd. ("GRIT") a U.K. based company, has been increased to $2.4 million and is expected to close within the next two weeks.
The original terms of the share exchange financing called for the issue of 20,000,000 common shares of NuLegacy at a deemed price of C$0.10 per share ($2.0 million) in exchange for 1,193,175 GRIT shares at a deemed price of 1 British Pound per share. This has been improved to 20,000,000 shares of NuLegacy at a deemed price C$0.12 per share ($2.4 million) in exchange for 1,341,756 GRIT shares at a deemed price of 1 British Pound per share to reflect the strength in NuLegacy's share price during the processing period.
GRIT, established to fund investments in the junior mining and natural resources sectors worldwide, intends to register as a public company and investment trust upon listing of its shares on the London Stock Exchange. NuLegacy intends to use the net proceeds from the sale of GRIT shares to fund further exploration and delineation of its Iceberg gold deposit in Nevada, U.S.A., and for general corporate purposes.
Closing of the transaction is subject to a number of conditions precedent including acceptance of the TSX Venture Exchange and the GRIT listing on the London Stock Exchange. The Company may pay a finder's fee in connection with the transaction in accordance with the policies of the TSX Venture Exchange.
NuLegacy Gold Corporation is a Nevada based company focused on delineating the gold resources of its near-surface Iceberg oxide gold deposit. The Iceberg gold deposit, located on a 60 square km portion of Barrick Gold Corporation's prolific Cortez gold trend, has similar geology to that of Barrick's immediately adjacent multi-million ounce Goldrush gold discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF NULEGACY GOLD CORPORATION
James E Anderson, Chief Executive Officer
For further information please phone 604-638-4959 or contact James Anderson at email@example.com, Albert Matter at firstname.lastname@example.org or Roger Steininger, COO at email@example.com; or visit our website at www.nulegacygold.com
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THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES AND THE COMPANY IS NOT SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.