Legacy Gold Mines Up 30%, Near 52 Week Highs as it Raises $10M Via Non-Brokered Private Placement
Legacy Gold Mines (LEGY.V) was at last look up 30% to near 52 week highs on Thursday after it completed its previously announced non-brokered private placement for $10.0 million.The company said the offering consisted of the issuance of 33.3-million common shares at $0.30 apiece. Following completion of the private placement, funds managed by Wexford Capital LP hold, in aggregate, about 15% of the issued and outstanding common shares.Proceeds will be used to advance drilling and project development activities at its Baner Gold Mine property, located in the Orogrande Mining District, Idaho, as well as for business development and general and administrative needs. The company has agreed to issue 825,490 common shares to John Tumazos of Florida, representing 3% of the common shares sold under the private placement to subscribers introduced by him.The company also confirmed it has completed the second payment under its option to buy a 100% undivided interest in and to the mineral claims comprising the property. The final payment under the option is due in April 2027 and consists of $500,000 in cash and 200,000 additional warrants to purchase common shares.Legacy Gold Mines is also seeking TSX Venture Exchange (TSXV) approval to extend by 12 months the term of the 200,000 warrants previously issued to Champion Electric in October 2024.In connection with the private placement, Chief Executive Brian Hinchcliffe acquired 452,000 common shares for aggregate consideration of $135,600.00, and Mike Sutton, VP, Exploration and a director of the company, acquired 333,333 common shares for $100,000.Shares were last seen up $0.14 at $0.60 on the TSXV, leaving it shy of a 52 week high $0.63.Price: $0.60, Change: $+0.14, Percent Change: +30.43%