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.
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