Australian mining and exploration company Legend Mining has announced a placement of 120 million new shares at $0.03 per share, largely to institutional clients of CPS Securities, aimed at raising $3.42 million which will be used to fast-track its iron ore exploration in the central African country of Cameroon.
The planned exploration program in Cameroon remains on track with the helicopter-borne magnetic survey expected to start in early January 2010. Priority target areas identified by the survey will be followed up with geological mapping, geochemical sampling and trenching. Drilling of these priority areas is envisaged for May-June 2010.
According to its previous announcement, Legend Mining completed initial payment for the Cameroon iron ore project on December 4, 2009, and issued 50 million shares to the vendors.