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Legacy Iron Ore provides deal terms on convertible note

Published: 14:20 13 Sep 2013 AEST

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Legacy Iron Ore (ASX:LCY) has provided more detail on a convertible note for $1 million signed with The Australian Special Opportunity Fund LP.

Key terms include: 

- A$1,000,000 sum with a A$1,150,000 face value
- The Note comes with a commencement fee equivalent to $100,000 to be paid in shares at 90% of the average of three (3) consecutive daily VWAPs
- The investor can convert the Note into fully paid ordinary shares for an amount of between $50,000 and $150,000 at
the Conversion Price at their discretion at any time after the Lock-Up Period.
- The Lock-Up period being 90 days after execution of the Note.
- The Company has the option of redeeming the Note by paying the full face value during the Lock-Up Period.
- The Note contains a floor price of $0.03.
- The Term of the Convertible Securities is for 24 months

 

 

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