Legacy Minerals (ASX: LGM) has announced it has secured $4 million in funding through an underwriting agreement with Bell Potter Securities Limited. Legacy Minerals is an ASX-listed public company that has been exploring gold, silver, copper, and base-metal projects in NSW since 2017. The agreement ensures the exercise of all unexercised LGMO options, providing the company with a pro-forma cash balance of $10 million as of 31 December 2025.
Under the terms of the Underwriting Agreement, Bell Potter will underwrite the exercise of up to 19,527,436 listed options (ASX: LGMO), which are exercisable at A$0.205 each and expire on 22 January 2026. This represents an underwriting amount of up to A$4,003,124. The underwriter will subscribe for the company’s ordinary fully paid shares upon the exercise of these options.
The funds raised will be directed towards the exploration and development of the Mt Carrington project. This includes discovery-focused drilling for silver, gold, and copper at locations like White Rock and Mascotte, as well as drilling to expand the existing Mineral Resource Estimate. Additional funds will support further metallurgical and study work, along with general working capital requirements.
Bell Potter will receive an underwriting fee of 6% of the maximum number of shortfall shares multiplied by A$0.205, totalling A$240,187 excluding GST. The company has disclosed details of the Underwriting Agreement prior to the expiry of the Listed Options, in accordance with ASX Listing Rule 3.11.3. The underwriting agreement includes termination clauses that could affect the obligation of the underwriter. These are detailed in Annexure A of the company announcement.
