Waterton Precious Metals Fund II Cayman, LP - Update of NuLegacy Gold Corp. Holdings

TORONTO, June 6, 2016 /CNW/ - Waterton Precious Metals Fund II Cayman, LP ("Waterton") announces today that between May 3, 2016 and June 3, 2016, it disposed of 5,799,000 common shares (the "Shares") in the capital of NuLegacy Gold Corp. ("NuLegacy") through market transactions on the TSX Venture Exchange. The Shares were sold at an average price of C$0.29 per Share, for aggregate proceeds of C$1,707,745.67. Waterton also exercised Share purchase warrants (the "Warrants") for a total of 1,830,800 Shares at an exercise price of C$0.15 per Share for total consideration of C$274,620 (the foregoing, collectively, the "Transactions").

Prior to the completion of the Transactions, Waterton had ownership and control over 31,911,600 Shares and 1,830,800 Warrants, representing approximately 13.95% of the issued and outstanding Shares on a partially-diluted basis. Waterton now has ownership and control over 27,943,400 Shares, representing approximately 11.55% of the issued and outstanding Shares.

The Transactions were made for strategic investment purposes. Waterton may from time to time make additional investments in or dispositions of securities of NuLegacy, including additional purchases of Shares. No additional purchases of Shares are currently planned.

In connection with this news release, an early warning report will be filed by Waterton in accordance with applicable securities laws. A copy of the early warning report will be available for review on www.sedar.com.

About Waterton

Waterton is a leading mining-focused private equity firm dedicated to developing high quality precious and base metals projects located in stable jurisdictions. Waterton's cross-functional, fully-integrated, in-house team of professionals have significant mining, financial and legal expertise. Waterton's proactive approach to asset management, significant sector knowledge and ability to leverage extensive industry relationships has resulted in a strong track record of managing investments in the metals sector. Additional information about Waterton is available online at www.watertonglobal.com.

SOURCE Waterton Precious Metals Fund II Cayman, LP

about Waterton, contact: Investors: Waterton Precious Metals Fund II Cayman, LP, Cheryl Brandon - Partner, Investment Management, [phone]; Media: Bayfield Strategy, Inc., Riyaz Lalani, [phone] or [email protected]