Legend International Holdings, Inc. Announces Partial Sale of Holding in Merlin Diamonds Limited

Last update: 1/18/2013 6:00:02 AM

MELBOURNE, Australia, Jan 18, 2013 (BUSINESS WIRE) -- Legend International Holdings, Inc. (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.