Legacy off to positive start on bourse

East Perth-based resource company Legacy Iron Ore Ltd has started listed life on a positive note with its share price closing at a 20 per cent premium to its issue price.

The company's shares price today opened at a 30 cents before rallying to an intraday high of 35 cents. The share price then closed at 30c giving the company a market capitalisation of $5.4 million.

The company holds both iron and gold interests but will focus on exploring its iron tenements in the Pilbara and Kimberley regions.

Adding to the company's prospectivity is chief executive Sharon Heng's close Chinese contacts which she developed during her time in that county's oil, gas, energy, infrastructure and mining industries.

The company raised $8 million in its initial public offer with shares priced at 25c apiece.