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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.

 

 

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