Legend Mining has raised $9.8 million via a share subscription agreement with Independence Group, and signed joint venture agreements with IGO and Mark Creasy’s Creasy Group at Fraser Range.
Legend raised the funds from IGO at a price of 3.6 cents per share, which represents a 20 per cent premium to its average share price in 2019.
IGO will have an 11.9 per cent share in Legend following the completion of the transaction, making it its second largest shareholder.
Legend managing director Mark Wilson said securing the funding was an important outcome for the company’s shareholders.
“The added dimension to the transaction is the additional joint ventures with IGO over the northern Rockford area, which will give new technical impetus to our exploration efforts,” he said.
Mr Creasy the transactions demonstrated a common goal between the three parties to unlock further value in the Fraser Range.
Shares in Legend were up 6.9 per cent to trade at 3.1 cents each at 3.30pm AEST.