Legacy Iron Ore (ASX:LCY) has put the kibosh to a 3:4 rights issue at $0.057 per share in favour of 49.6% shareholder, India's National Mineral Development Corporation providing a loan of up to $3 million.
NMDC is India's largest producer of iron ore under Indian Government’s Ministry of Steel.
Legacy has an eclectic exploration portfolio including iron ore, gold, coal and manganese projects. Legacy said it has evaluated and is in the process of evaluating numerous projects.
At the end of the June quarter, Legacy had cash and cash equivalents of $2,117,466.
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