Legend Mining Ltd (ASX:LEG) will add A$6 million to the company coffers following a share placement to support its WA exploration endeavours.
The nickel-copper stock will issue more than 146 million fully paid ordinary shares to the placement’s participants, which include major shareholders IGO Ltd and Creasey Group and members of Legend’s professional and sophisticated investor contingent.
Euroz Hartley acted as the placement’s lead manager, building the book at an issue price of 4.1 cents per share.
Creasey and IGO will make contributions relative to their shareholdings, which, at March 17, stood at 29.88% and 12.94%, respectively.
Drill program ‘a decade in the making’
The cash injection will underpin work on the company’s Rockford Project in WA’s Fraser Range, where a two-hole diamond drilling program will kick off later this month at the cornerstone Octagonal prospect.
Two nickel-copper sulphide target areas are on the radar for this initial campaign, representing the most compelling prospects seen at Rockford since Legend started in the Fraser Range back in 2015.
Legend managing director Mark Wilson said the company was very pleased with the level of financial support, reflecting the quality of Octagonal’s drill targets.
“This funding gives us the means to expand our current planned drilling program as results come to hand,” he explained.
All completed diamond drill holes will be subject to a suite of downhole geophysics, including electromagnetics and petrophysical property measurements.
The resulting data will help Legend target economic sulphide accumulations and refine its existing seismic cube, paving the way for future work programs.