Sign up Australia
Proactive Investors - Run By Investors For Investors

Legacy Iron Ore edges closer to loan facility from NMDC

Legacy Iron Ore edges closer to loan facility from NMDC

Legacy Iron Ore (ASX:LCY) is edging closer to a loan facility worth $3 million from India's National Mineral Development Corporation (BSE: 526371, NSE: NMDC).

NMDC is the largest producer of iron ore in India and Legacy Iron's largest shareholder with a 49.6% stake.

With a market capitalisation of US$6.6 billion, NMDC can clearly provide funding on attractive terms to Legacy including a probable low rate of interest and guaranteed by NMDC.

The loan facility and funding is in lieu of an earlier planned entitlement offer.

Final documentation is expected within the next 2 weeks for the loan.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.



Register here to be notified of future LCY Company articles
View full LCY profile View Profile

Legacy Iron Ore Timeline

Related Articles

1-19327052345_bc81a69e58_o.jpg
November 18 2016
Anglesey is the owner of the Parys Mountain underground zinc-copper-lead-silver-gold deposit in Wales, where it is updating earlier scoping and economic studies.
picture of steel mine
April 07 2017
Company has just agreed to spend the best part of £12mln on the Vametco vanadium mine next door to the company’s own deposit at Brits
Nickel
May 19 2017
Strategic Minerals has a diversity of assets, including the Cobre magnetite operation in New Mexico and the Redmoor tin and tungsten project in Cornwall

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use