PERTH (miningweekly.com) – ASX-listed Legend Mining will raise A$20-million through a share placement to existing major shareholders, and institutional and sophisticated investors, to fund exploration activities at its Rockford project, in the Fraser Range.
Legend on Thursday said that it would place some 142.8-million shares, at 14c each, under its existing placement capacity, with binding commitments received from its two largest shareholders, Creasy Group and Independence Group, as well as a range of institutional and sophisticated investors.
“We are delighted with the support we have received for this placement. The recent success we have had at Mawson has resulted in an increased expenditure over and above our current budget. This raising will enable the level of activity to continue at pace,” said Legend MD Mark Wilson.
The capital raise will go towards exploration work at the Rockford project, in particular on the Mawson prospect, as well as towards general working capital.