Legacy Minerals Holdings Limited (ASX: LGM) has announced the successful completion of a A$7.75 million placement to advance exploration at its Drake and Thomson Projects. The placement, priced at $0.18 per share, was upsized due to strong demand from specialist global resources investors. This positions Legacy Minerals with approximately A$9 million to fund expansive drilling and exploration programs across both strategically located projects. Drilling is currently underway at the Thomson Project, targeting a large, intrusion-related gold target. Drilling at the Drake Project is slated to commence in Q3-Q4, running parallel with further campaigns at Thomson.
The funds will support the expansion of drilling at Thomson, drill targeting at Drake, a Stage 2 Scoping Study for Drake, and low-cost generative exploration. The placement involves the issue of 43.1 million new shares to professional and sophisticated investors. Participants will also receive 21.5 million attaching options, exercisable at $0.30 within two years. Cumulus Wealth and Bell Potter Securities acted as Joint Lead Managers for the placement, receiving a cash fee of 6% plus GST and 7,750,000 unquoted options.
Shareholder approval will be sought for the issue of Tranche 2 New Shares and New Options at a General Meeting expected around July 24, 2025. The funds raised are intended to accelerate exploration and unlock regional potential across Legacy Minerals’ portfolio. CEO Christopher Byrne highlighted the raise as validation of the company’s strategy and the prospectivity of its flagship projects, noting that the new funding will also support broader discovery-focused initiatives.
