MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc. (OTCBB:LGDI), (“Legend”), announces that it has placed 150 million shares of Common Stock at a price of 5 cents per share raising $7.5 million.
Further, following the placement of shares, the Company intends to undertake a rights issue of shares of Common Stock on a pro-rata basis, to all stockholders, at 5 cents per share.
Funds raised by the placement and from the rights issue will be used in the development of the phosphate operations, to retire debt and for working capital purposes.
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Forward-looking statements in this press release are made pursuant to the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the risks of exploration and development stage projects, risks associated with environmental and other regulatory matters, mining risks and competition and the volatility of mineral prices. Actual results and timetables could vary significantly. Additional information about these and other factors that could affect the Company’s business is set forth in the Company’s fiscal 2011 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.