Legend International Holdings, Inc. Announces Repayment of Convertible Note
Legend International Holdings, Inc.Announces Repayment of Convertible Note
MELBOURNE, Australia--(BUSINESS WIRE)-- Legend International Holdings, Inc. (OTCBB:LGDI), ("Legend"), is pleased to announce its 100% owned subsidiary, Paradise Phosphate Limited ("Paradise"), has fully repaid the convertible note that it previously issued to two Australian financial institutions managed by Acorn Capital Limited ("the Lenders"). The detail of the convertible note purchase agreement (the "Convertible Note Agreement") was first announced on February 13, 2012 (see Legend's website www.lgdi.net). Pursuant to the terms of Convertible Note Agreement all loaned monies have now been fully repaid and all mortgages and securities over Legend's shares in Paradise and Paradise's phosphate assets have been released by the Lenders.
Legend also advises that in accordance with its press release dated January 16, 2013 where it announced the placement of 150 million shares at a price of 5 cents, it has closed part of the placement of 97.5 million shares at a price of 5 cents raising USD$4,875,000. The Company anticipates closing the balance of the placement shortly.
Paradise continues to focus on advancing the Paradise phosphate project. The Company is also progressing discussions with potential strategic partners regarding the optimal investment structure and future development plan for the project.
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 2012 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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