Legend International Holdings, Inc. Announces Partial Sale of Holding in Merlin Diamonds Limited
January 18 2013 - 6:00AM
Business Wire
Legend International Holdings, Inc. (OTCBB:LGDI), (“Legend”),
announces that it has entered into an agreement to sell 24 million
ordinary shares (approximately 16.9%) in Merlin Diamonds Limited at
a price of 21 cents per share which amounts to A $5.04 million.
Closing will occur in 60 days. Following the closing, Legend will
hold a 25.03% interest in Merlin Diamonds Limited.
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 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.