Legacy Gold Mines Ltd. (TSXV: LEGY) has announced a non-brokered private placement of up to 4,285,715 common shares priced at C$0.70 each, targeting gross proceeds of up to C$3.0 million. The company intends to direct net proceeds toward continued drilling at its Baner Gold Mine property in Idaho's Orogrande Mining District. The announcement coincides with a seasonal suspension of drilling operations and a programme update disclosing that approximately 50 holes totalling 32,000 feet have been completed. Investors may be watching closely as pending assay results and plans for an initial mineral resource estimate take shape.

Key Points

  • Legacy Gold Mines Ltd. (TSXV: LEGY) is a Calgary-based gold exploration company focused on the Baner Gold Mine property in Idaho, USA
  • The company is pursuing a non-brokered private placement of up to 4,285,715 common shares at C$0.70 per share for gross proceeds of up to C$3.0 million
  • Approximately 50 holes and 32,000 feet have been drilled in 2026, with gold mineralization described as open in all directions; assay results for several holes remain pending
  • Investors should watch for pending assay results and TSX Venture Exchange approval of the private placement

Private Placement Structure and TSX Venture Exchange Conditions

Legacy Gold's non-brokered private placement is structured at C$0.70 per common share, with a maximum of 4,285,715 shares available for gross proceeds of up to C$3.0 million. The offering remains subject to TSX Venture Exchange approval, and securities issued will carry a four-month hold period in accordance with applicable Canadian securities laws. The company may also pay a commission or finder's fee to eligible parties, subject to Exchange approval. The placement is not being offered in the United States.

Intended Use of Proceeds at Baner Gold Mine, Idaho

According to the release, net proceeds are earmarked primarily for continued drilling at the Baner Gold Mine property in Idaho County. That work is aimed at expanding and defining the Main Zone and other target areas, as well as generating the data required to support an initial mineral resource estimate. The company also indicated proceeds will fund ongoing business development and general and administrative costs. The disclosure suggests establishing a maiden mineral resource estimate is a key near-term operational milestone for Legacy Gold.

2026 Drill Programme Suspended for Winter as Results Remain Pending

Legacy Gold confirmed that drilling at the Baner property has been temporarily suspended and the drill rig demobilised for winterisation. Executive Chairman and Chief Executive Officer Brian Hinchcliffe stated in the release that roughly 50 holes and 32,000 feet drilled over the past several months have outlined gold mineralisation open in all directions, and that the company plans to return the rig to resume drilling. Assay results for a number of completed holes are still pending and will be released once received and reviewed by the company.

Qualified Person Sign-Off on Technical Disclosure

The scientific and technical content in the announcement was reviewed and approved by Mike Sutton, P.Geo., Director and VP of Exploration of Legacy Gold, acting as Qualified Person as defined under National Instrument 43-101. The release notes that the Qualified Person did not independently verify the legal status, ownership, or mineral tenure of the Baner property or any underlying property agreements.