Legacy Gold Mines raising $10 million from upsized financing
Legacy Gold Mines Ltd. [LEGY-TSXV] has announced the final increase in size of a non-brokered private placement financing that is now expected to raise $10 million. The company plans to use the proceeds to advance drilling and project development activities at its Baner Gold Mine property, which is located in the Orogrande Mining District of Idaho and to support business development.
In a press release on February 23, 2026, said it planned to complete a non-brokered private placement that was expected to raise $4.0 million. In a subsequent release on March 20, 2026, the company said that amount had been raised to $7.5 million. On April 2, 2026, the amount was raised again to $9.0 million.
In its latest press release, the company said it plans to issue 33.3 million common shares priced at 30 cents per share for gross proceeds of $10 million.
On Wednesday, Legacy shares were unchanged at 40 cents and trade in a 52-week range of 63 cents and 30 cents.
Legacy Gold recently said it had received final assays from the 2025 surface exploration program at the Baner Gold Mine property. It said the results have helped to expand the width of gold mineralization in previously reported holes on the property, which sits within the Orogrande gold mine district in Idaho and has been optioned by the company. The project is located in Idaho County, approximately 10 kilometres southwest of Elk City and consists of 215 unpatented lode claims covering approximately 1,545 hectares.
Back in July 2024, Legacy secured an option to acquire a 100% undivided interest in the Baner Gold Mine claims from Champion Electric Metals. Champion acquired the property in 2015 and through 2020 completed prospecting work and soil sampling, 30 diamond drill holes, and induced geophysical survey, geological mapping and additional claim staking. That exploration work led to the definition of a number of exploration zones of interest among and/or on trend from historical mining activities. Legacy said multiple high-grade gold intersections had been reported in previous drilling, including 8.7 g/t over 6.3 metres, including 147.7 g/t gold over 0.3 metres.
“So far the drilling on the Baner Gold Mine property has returned everything in the way of gold mineralization we expected but in thicker zones,’’ said Mike Sutton, Legacy Gold’s Vice-President, Exploration in a press release dated March 17, 2026. “We’ve intersected very wide zones such as new assays of 0.55 g/t gold over 187.5 metres in the middle, 0.52 g/t gold over 108.2 metres in the south and new assays of 0.57 g/t gold over 64 metres in the north,” he said. “The deposit remains open in all directions, and we are looking forward to build on these results.’’
Results from the recent 2025 drilling and previous drilling and exploration have supported the initial exploration target of approximately 50.3-55.3 million tonnes at an average grade of 0.72 g/t to 0.91 g/t gold.