NuLegacy Consolidates Its Interest in Iceberg Gold Deposit from Barrick Gold, Nevada
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NuLegacy Gold Corporation has entered into an agreement with Barrick Gold Corporation pursuant to which NuLegacy has agreed to acquire Barrick’s 30 percent working interest in the 23 sq. mile Redhill property in Nevada which hosts the Iceberg gold deposit.
As of the date hereof, NuLegacy holds a 70 percent working interest in the property through a joint venture with Barrick.
In exchange, NuLegacy will issue 32 million shares to Barrick and grant a 2 percent net profits interest royalty from commercial production on the property.
Barrick has the right to nominate one director to NuLegacy’s board and participate pro rata in all future issuances of shares or convertible securities.
Barrick has agreed to provide NuLegacy with certain stand still and voting restrictions in favour of NuLegacy in respect of the shares for a period of two years, subject to certain conditions.
“We are pleased that Barrick has entrusted the advancement of this exciting undeveloped gold prospect in Nevada to NuLegacy,” said NuLegacy Director Alex Davidson.
To stop by NuLegacy’s website, CLICK HERE
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