Message #4 From:
NewsBot Date: November 23, 2006 03:00:00 AM
LGDI News Legend International Holdings Announces Drilling to Commence at Glyde River and Abner Range Projects in Northern Territory of Australia, Closing of Further Private Placement and Record Date for Second Bonus Issue of Shares of Common Stock
MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc(OTCBB:LGDI) (a
Delaware Corporation), a diamond exploration corporation with
landholdings in the Northern Territory of Australia, announces that
drilling will be commencing at the Glyde River project and on the Abner
Range project within the coming weeks.
The Glyde River project, in addition to the kimberlite pipe potential
given its immediate vicinity to the economic Merlin diamond mine located
2 kilometres to the north, contains potential suitable alluvial diamond
deposits at two locations. The diamond bearing drainage systems converge
on these two locations. Up to 5 kilometres of deposits are available for
testing at each location. These deposits were identified in the 1990’s
however no follow up work was undertaken. The Company will also be
testing and aggressively drilling for extensions to the Merlin diamond
field at the Glyde River project.
At Abner Range, an EM survey has been flown over part of the Company’s
landholdings and identified areas of strong potential surrounding known
diamondiferous kimberlite pipes. Significant indicator minerals have
been recovered by previous explorers in the vicinity.
Northeast-southwest structures with Landsat TM anomalies and southeast
axial structures with TM targets at northeast intersections have been
identified within the project area.
Effective November 17, 2006, Legend also advises the issue of a further
201,657 shares of common stock at an issue price of US$0.50 per share
from a private placement which brings the total placement to date to
5,201,657 shares of common stock at an issue price of US$0.50 per share
raising US$2,600,828, for which all funds have been received.
Effective November 17, 2006, Legend advises that it has issued
approximately 27,574,721 shares of common stock pursuant to the bonus
issue of one new share of common stock for each two shares of common
stock, as announced on September 19, 2006. The record date for the bonus
issue of shares and options was November 17, 2006.
Following the issues above, the Company advises that it has on issue
approximately 82,724,163 shares of common stock.
Legend advises that at the 2006 annual general meeting held on November
17, 2006, stockholders approved the amendment to the Company’s
By–Laws to increase the authorized capital to
200 million ordinary shares of common stock.
Following that approval, the Company has set the record date as December
31, 2006 for the second bonus issue of one new share of common stock for
each two shares of common stock and following that bonus issue, will
have approximately 124,086,244 shares of common stock on issue.
About Legend International Holdings Inc
Legend International Holdings, Inc(OTCBB:LGDI) is a Delaware
corporation principally engaged in diamond exploration. The Company’s
exploration licences include approximately 16,000 square kilometres in
Australia’s Northern Territory, including
areas adjacent to the existing Merlin diamond mine. For further
information please visit our website at www.lgdi.net.
Forward-Looking Statements
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
2005 Annual Report on Form 10-KSB and other filings with the Securities
and Exchange Commission.
