Legacy Gold Mines Completes C$10M Private Placement
Analysis based on 8 articles · First reported Apr 02, 2026 · Last updated Apr 16, 2026
The completion of Legacy Gold Mines's C$10.0 million private placement and the second option payment for the Baner Gold Mine property are positive developments, providing capital for project advancement and signaling progress in its mining operations. This could lead to increased investor confidence in Legacy Gold Mines and potentially other junior mining companies.
Legacy Gold Mines Ltd. completed a non-brokered private placement, raising C$10.0 million through the issuance of 33,333,333 common shares at C$0.30 per share. The proceeds are earmarked for advancing drilling and project development activities at its Baner Gold Mine property in United States===Idaho, as well as for business development and general administrative purposes. Funds managed by Wexford Capital LP now hold approximately 15% of Legacy Gold Mines's outstanding common shares. Additionally, Legacy Gold Mines made the second payment under its option to acquire a 100% interest in the Baner Gold Mine property from Champion Electric Metals Inc., consisting of C$350,000 in cash, 200,000 common shares, and warrants. Finder's fees were paid to Haywood Securities Inc. and Research Capital Corporation, and common shares are to be issued to John Tumazos. Related party transactions involved Legacy Gold Mines's CEO, Brian Hinchcliffe, and VP, Exploration, Michael Sutton, acquiring common shares.
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