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Legendary Invest PLC (LEG)

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Wednesday 10 October, 2012

Legendary Invest PLC

Admission to AIM of Sula Iron and Gold Plc

RNS Number : 3245O
Legendary Investments PLC
10 October 2012
 



10 October 2012

Legendary Investments Plc

 

("Legendary" or the "Company")

 

Admission to AIM of Sula Iron and Gold Plc

 

Legendary is pleased to announce that Sula Iron & Gold plc ("Sula") was yesterday (9 October 2012) admitted to trading on AIM (AIM:SULA).  Sula is an iron and gold focused mineral exploration and development company operating in Sierra Leone. Further information on Sula and its project can be viewed at www.sulairongold.com.

 

Yesterday Sula shares closed at 6.88 pence per share.

 

In July of this year, Legendary invested £50,000 into Sula for which it received a convertible loan note. Upon admission to trading on AIM that loan note converted to 1,250,000 Sula shares. Yesterday, Sula's closing price implied a return of 72% in 3 months on this investment. Legendary also received warrants to subscribe for an additional 625,000 shares in Sula, at nil cost, with an exercise price of 4 pence per share. At yesterday's closing price of 6.88 pence per share, this would also give a return of 72% over exercise price on these warrants.

 

In addition, Legendary has a further 833,333 shares in Sula which were subscribed for at 6 pence per share and warrants to subscribe for an additional 416,666 Sula shares at 8 pence per share. Yesterday's closing price of 6.88 pence per Sula share implies a return of 15% on these shares.

 

This investment underlines Legendary's ability to source and secure investments with exciting prospects and a catalyst for value increase.

 

Contact:



Legendary Investments Plc

Zafar Karim / Rajesh Rai / Thomas Reuner

 

020 8201 3536

Grant Thornton Corporate Finance

 

Colin Aaronson/ Melanie Frean

 

020 7383 5100

 Simple Investments                

Nick Emerson/ Andrew Thacker

01483 413500

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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