next door to legend

Legend International Holdings Announces the Closing of a US$105 Million Private Placement and Proposed Listing on American Stock Exchange
Wednesday June 4, 8:00 am ET


MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc (OTCBB:LGDI - News), with phosphate projects in Queensland, Australia, is pleased to announce that it has closed the US$105 million private placement transaction. The financing transaction was led by BMO Capital Markets and included 25 North American and international institutional investors.
ADVERTISEMENT


Pursuant to the closing, the Company issued 42 million shares of common shares at a price of US$2.50 per share for gross proceeds of US$105 million. The private placement was increased by $5 million (2 million shares of common stock) from the details announced on May 22, 2008.

The Company has also issued 840,000 warrants to the agents which can be exercised at a price of US$2.50 per warrant, exercisable at any time up to June 3, 2010.

The proceeds of the financing will be used to advance the ongoing development of the Company’s phosphate projects in the Georgina Basin in the Mt Isa region of Queensland and working capital.

The Company has agreed to prepare and file with the Securities and Exchange Commission a registration statement covering the 42 million shares of common shares and the shares to be issued on exercise of the warrants.

The Company also advises that it has made application to list its shares of common stock on the American Stock Exchange.