Legend raises $5m in placement for exploration programs
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West Perth-based mineral explorer Legend Mining Ltd will raise $5 million in a placement through Bell Potter Securities Ltd and Findlay & Co Stockbrokers Ltd, using the funds to continue its exploration programs.
The full text of a company announcement is pasted below
Legend Mining Ltd today announced that it has reached an agreement to raise $5 million through a private placement.
The placement of up to 62,500,000 shares will be at a subscription price of 8 cents to sophisticated and professional investor clients of Bell Potter Securities Limited and Findlay & Co Stockbrokers Limited.
The placement follows on from Legend's recent announcement of a successful VTEM survey over part of its Pilbara Project (ASX release 4 December 2006 - Legend Discovers New West Pilbara Base Metal Targets).
Legend's Managing Director, Mark Wilson said "Legend will begin 2007 with a cash balance in the order of $8.5 million, which puts the Company in a very strong position to continue our planned exploration initiatives and in particular exploration on our Pilbara Project."
"The investment of an additional $5 million by sophisticated and professional investors shows great confidence in Legend's assets, management and exploration strategy."