LCY – Legacy Iron Ore

yep that was a big worry 32m shares out of 102m only for the punters im interested in how their area will go exploration wise..l i did notice a lack of real mining experience…see how it goes in the future…price they are asking seems way over compared to others…tb

I did notice a strong Chinese influence on the Board. One of the Directors is the MD of ‘DT Resources’. Anyone heard of this mob? Also it is DSO which they are after which is always good. But yeh it does seem like a cobbling together of bits and pieces that others have missed.

Lets see how they go. If the iron is there, it will be worth a bit I suppose.

PS: how is this for a good deal for retail investors by the way.

So they are raising $8m. Of this, about $5.2m will go on exploration & 180k on working capital. The rest goes on cap raising fees 560k (fair enough), admin inc directors fees 1.48m and corporate overheads $580k!!

Hey big spenders. Reeks a bit.