10 Oct 2012 07:00
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 |