MELBOURNE, AUSTRALIA, December 17 /CNW/ - Legend International Holdings,
Inc (OTCBB:LGDI) (a Delaware Corporation) with projects in Queensland and the
Northern Territory of Australia, announces that it has completed a
US$15,000,000 private placement.
Effective as of December 12, 2007, Legend entered into a Subscription
Agreement with funds managed by Atticus Capital LP pursuant to which the
Company issued in a private placement transaction (the "Private Placement") to
Atticus 18,750,000 shares of common stock at a price of US$0.80 per share for
an aggregate purchase price of US$15,000,000
Atticus Capital LP is a leading investment management firm, with in
excess of US$20 billion of assets under management. The firm is headquartered
in New York with an office in London. Atticus invests in global securities
markets on behalf of its clients.
The capital raising to fund the completion of a pre-feasibility study on
historic phosphate deposits on the Company's D Tree, Lady Annie, Lady Jane and
Thorntonia tenements in the Mt Isa region of Queensland.
The new landholdings at D-Tree, Lady Annie, Lady Jane and Thorntonia are
located in the Georgina Basin of Queensland, Australia, totaling 247 square
acres. Each project hosts a known and well documented, substantial deposit of
phosphate rock (Cook, P.J, 1989, Howard, P.F, 1986).
The total historic phosphate deposits reported on these landholdings by
previous holders WMC Resources Limited (which is now part of the BHP Billiton
group) and Broken Hill South Limited is 983 million tonnes at a grade of 16.5%
Phosphate prices have increased substantially in the past 24 months due
to increased world demand, improved diet and shortage of good quality ore to
meet increased world demand particularly in China, India and Latin America.
The Company has agreed to prepare and file with the Securities and
Exchange Commission a registration statement covering the resale of the shares
of Common Stock.
BBY Limited (www.bby.com.au) is the Australian advisor to LGDI.
About Legend International Holdings Inc
Legend International Holdings, Inc (OTCBB:LGDI) is a Delaware corporation
principally engaged in exploration and resource development activities. The
Company's exploration licences include approximately 5.2 million acres in
Queensland and the Northern Territory, Australia. For further information
please visit our website at www.lgdi.net.
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 2006 Annual
Report on Form 10-KSB and other filings with the Securities and Exchange
For further information:
For further information: Legend International Holdings Inc Mr. Joseph
Gutnick, +011 613 8532 2866 Chief Executive Officer Fax: +011 613 8532 2805