Legacy Iron Ore (ASX: LCY) will look to raise $25 million via a 3 for 1 renounceable entitlement issue at $0.014 per share.
This is pitched at a 23.9% discount to the average closing market price over the last 10 trading days.
Major shareholder India's National Mineral Development Corporation Ltd has confirmed it will take up its full entitlement under the offer of a minimum amount of approximately $12.1 million.
This follows a site visit to Mt Bevan in Western Australia by NMDC board members.
Legacy will look to advance discussions with joint venture partner Hawthorn Resources (ASX:HAW) to fashion a strategy for developing Mt Bevan Project including pre-feasibility studies.
The repayment of the A$3 million Citibank loan is envisaged out of funds raised as well as use in other key portfolio projects.
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