Legend Mining (ASX:LEG) has received a notice of initial sUBStantial shareholding from JP Morgan Chase, which acquired a 6.02% interest in the company.
JP Morgan had bought the 118,093,388 shares priced at $0.006 each from UBS AG and its related bodies corporate.
The company is in the process of selling its 90% interest in Camina, which holds the Ngovayang Project in the Republic of Cameroon, to India’s Jindal Steel and Power.
This sale will net Legend $6 million upon completion and a further $6 million 12 calendar months later.
The transaction is due for completion on 18 June.
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