Perth based Legacy Iron Ore (ASX: LCY) has joined the throng tapping the market with a 3 for 4 pro rata non-renounceable rights issue at $0.057 per share.
Legacy Iron and its joint venture partner Hawthorn Resources (ASX:HAW) are engaged in discussions regarding the development of the Mt Bevan Project, north of Kalgoorlie WA.
Any work will include upgrading the existing inferred resource to an indicated resource, as well as a scout drilling program to focus on hematite targets at Mt Mason North and Mt Alexander.
Legacy had cash of $4.16 million at the end of the March quarter.
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