- Legacy Iron Ore (LCY) has entered a trading halt pending an upcoming capital raising
- The company will remain in the halt until the earlier of February 24 or when an announcement with the details is released
- On February 15, Legacy made significant increases to the JORC indicated resource at the Kangaroo Bore and Blue Peter deposits within the Mt Celia Project in WA
- The resources were carried out by SRK Consulting and it provides further confidence to the economic potential of the project
- The resource for Kangaroo Bore increased to 135,600 ounces while the resource for Blue Peter increased to 44,100 ounces
- Shares in Legacy last traded at 2.5 cents on February 19
Legacy Iron Ore (LCY) has entered a trading halt pending an upcoming capital raising.
The company will remain in the halt until February 24 or when an announcement with the details is released.
Legacy is yet to disclose how much it intends to raise or what it will use the funds for once received.
On February 15, Legacy made significant increases to the JORC indicated resource at the Kangaroo Bore and Blue Peter deposits within the Mt Celia Project in WA.
The resources were carried out by SRK Consulting and it provides further confidence to the economic potential of the project.
The updated indicated resource for Blue Peter reads 44,100 ounces of gold at 2.68g/t, while the update indicated resource for Kangaroo Bore reads 135,600 ounces of gold at 1.36g/t.
Legacy will undertake mining studies at these prospects to determine the economic viability.
The company last entered a trading halt in November 2019 ahead of a $11.74 million renounceable entitlement offer.
Eligible shareholders were able to purchase four new shares for every one share held.
Shares were priced at 0.2 cents which represented a 51 per cent discount to the 20-day volume-weighted average price.
Once received, Legacy used the funds to undertake initial test work and resource studies at Me Celia.
Shares in Legacy last traded at 2.5 cents on February 19. The company has a $156.1 million market cap.