Sign up Australia
Proactive Investors - Run By Investors For Investors

Legacy Iron Ore provides deal terms on convertible note

Legacy Iron Ore provides deal terms on convertible note

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

 

 

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.

View full LCY profile View Profile

Legacy Iron Ore Ltd Timeline

Related Articles

1520866985_shutterstock_161588243.jpg
March 13 2018
Getting financing will be a "significant" milestone toward the construction, said the group
copper wires
October 12 2018
Leigh Creek will add to the cash being generated by New Mexico-based iron ore business Cobre to fund exploration and development opportunities elsewhere.
copper tubes
May 30 2018
The latest economic study at Parys Mountain has delivered some encouraging numbers against a backdrop of rising base metals prices

© Proactive Investors 2018

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