Legend Mining has completed the Cameroon project sale, confirming receipt of A$6 million into Legend’s bank account.
Legend Managing Director Mr Mark Wilson said: “Legend is now in a strong position financially to pursue exploration activity on its wholly owned Fraser Range tenements and new project opportunities.
“We now have cash and liquids of +$15M with an unconditional contract for a further $6 million in 12 months and a further $5.5M upon Jindal achieving a Mining Convention. Reaching this milestone has only been possible with the help and efforts of many people. I wish to thank all of those concerned especially the Cameroon Prime Minister’s Office.”
Legend previously announced that it had entered into a Share Sale and Debt Assignment Agreement (SSDAA) with a wholly – owned subsidiary of Jindal Steel and Power Limited for the sale of Legend’s 90% interest in Camina SA, the holding company of the Ngovayang Project in the Republic of Cameroon.
Under the SSDAA, Jindal will acquire 100% of the shares of Legend Iron and the intercompany loans provided by Legend to Camina, for a total cash consideration of A$17.5 million.
$17.5M Cameroon project sale completes Legend Mining
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