Legend International Holdings, Inc.Announces Partial Sale of Holding in Merlin Diamonds Limited
MELBOURNE, Australia--(BUSINESS WIRE)-- Legend International Holdings, Inc. (OTCBB:LGDI), ("Legend"), announces that it has entered into two agreement to sell a total of 35 million ordinary shares (approximately 19.9%) in Merlin Diamonds Limited at a price of 22 cents per share which amounts to A$7.7 million. Closing will occur in 10 business days. Following the closing, Legend will hold an interest of less than 1%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.
This Press Release may contain forward looking statements. Forward looking statements are statements that describe, or that are based on, our current expectations, estimates, projections and beliefs. Forward looking statements are based on assumptions made by us, and on information currently available to us. Forward-looking statements describe our expectations today of what we believe is most likely to occur or may be reasonably achievable in the future, but such statements do not predict or assure any future occurrence and may turn out to be wrong. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. The words "believe," "anticipate," "intend," "expect," "estimate," "project", "predict", "hope", "should", "may", and "will", other words and expressions that have similar meanings, and variations of such words and expressions, among others, usually are intended to help identify forward-looking statements.
Forward-looking statements in this press release are made pursuant to the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such 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.
Legend International Holdings, Inc.
Joseph Gutnick, +011 613 8532 2866
Chief Executive Officer
Fax: +011 613 8532 2805
Peter Lee, +011 613 8532 2866
Chief Financial Officer
Fax: +011 613 8532 2805
KEYWORDS: Australia United States North America Australia/Oceania New York
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