NuLegacy Gold (TSXV: NUG) has arranged a non-brokered private placement of up to 75 million units at a price of C$0.075 per unit to raise gross proceeds of C$5.62 million.

Each unit consists of one common share of the company and one-half of one common share purchase warrant, with each whole warrant exercisable for one common share at a price of C$0.125 for a period of 24 months.

Net proceeds of the financing will be used for an expanded exploration program on the Rift Anticline including drilling 14 to 16 planned core holes at the company’s Red Hill property in Nevada.

“Our recent winter 2019 drill program and subsequent analysis and geological remodeling strongly support our analysis that the Rift Anticline target bears significant structural and stratigraphic similarities and connectors to Barrick Gold’s Goldrush Carlin-style gold systems approximately 8 kilometers to the northwest,” CEO Albert Matter said in a media release.

“We are utilizing the improved gold market conditions to strengthen our treasury. This will enable us to expand our CSAMT and additional gravity surveys over the Rift Anticline this summer to further advance our interpretation and site targeting for a larger and deeper drill program on the Rift this fall pending approval of our $500,000 expanded plan of operations over the Red Hill property.”

Shares of NuLegacy Gold were 5.5% higher on the TSXV at Monday’s market close. The Vancouver-based mining junior has a market capitalization of C$38.7 million.