PERTH (miningweekly.com) – Explorer Legend Mining has received binding commitments from professional and sophisticated investors to raise A$6-million to finance its upcoming exploration at the Rockford nickel/cobalt/copper project, in Western Australia.
The company will place some 146.3-million shares at a price of 4.1c each, with major shareholders Creasy Group and IGO both committing to support the capital raise. The share issue will be done in a single tranche under the company’s existing placement capacity.
“Legend was very pleased with the level of support for this raising. It speaks to the quality of our drill targets at Octagonal. This funding gives us the means to expand our current planned drilling programme as results come to hand,” said MD Mark Wilson on Monday.
Exploration work at Rockford is expected to start on May 15.