09/07/2019 - 14:23

Legend strikes deals with IGO and Creasy

09/07/2019 - 14:23

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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 strikes deals with IGO and Creasy
Mark Creasy says the transactions demonstrate a common goal between the three parties to unlock further value in the Fraser Range.

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.

It will also enter into a joint venture with IGO and Creasy Group for two tenements at its Rockford nickel-copper-gold project in the Fraser Range.

Additionally it, signed a joint venture agreement with Creasy Group for seven more tenements, and with IGO for three more tenements, at the same project.

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.

IGO managing director Peter Bradford said Legend’s mineral exploration holdings in the Fraser Range were extensive.

Shares in Legend were up 6.9 per cent to trade at 3.1 cents each at 3.30pm AEST.

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