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Legacy sets its cap on A$25m raising

20th June 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Legacy Iron would look to raise some A$25-million in an entitlement offer to fund an exploration and development programme across its portfolio.

The miner said on Thursday that a three-for-four non-renounceable entitlement offer would be undertaken, at an offer price of 5.7c a share.

The offer price represented a 6.7% discount to the average closing price over the last ten days, and a 12.2% discount to the average closing price over the last 20 days.

The company told shareholders that the proceeds from the entitlement offer would be applied towards further exploration and development work across Legacy’s iron-ore and coal permits, as well as its other assets.

In addition, the company would also continue to evaluate value-accretive opportunities in the local market.

Furthermore, Legacy and its joint venture partner Hawthorn Resources were also engaged in discussions regarding the development of the Mount Bevan iron-ore project.

The project currently has a Joint Ore Reserves Committee-compliant resource of 2.26-billion tonnes of magnetite mineralisation, grading 27.6% iron, or some 1.59-billion tonnes of magnetite, grading 30.2% iron.

Edited by Creamer Media Reporter

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