Legacy Iron Ore's Fundraising Success

Legacy Iron Ore (ASX:LCY) has completed the institutional component of its Accelerated Non-Renounceable Entitlement Offer, raising A$22.15 million before costs. This step highlights Legacy's strategic focus on expanding its mining projects. The retail portion of the offer will soon open.

Legacy Iron Ore's Strategic Outlook

Legacy Iron Ore (ASX:LCY) has successfully raised A$22.15 million through its institutional entitlement offer, with major shareholder NMDC Limited subscribing to its full entitlement. The retail entitlement offer, set to raise approximately A$2.09 million, will open on November 6, 2024. Legacy Iron aims to enhance shareholder wealth by advancing its mining projects in iron ore, base metals, tungsten, and gold. The company's securities remain suspended until the completion of the retail offer, with reinstatement subject to ASX's conditions. Legacy Iron continues to focus on its key projects, including the Bevan Iron Ore Project and South Laverton Gold Project.

Executive Insights on Fundraising

The successful completion of the institutional component of the entitlement offer is a significant milestone for Legacy Iron Ore. We are pleased with the strong support from our major shareholder, NMDC Limited, which underscores confidence in our strategic direction and future growth prospects.