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Legend Mining Ltd enters into agreement with subsidiary of Jindal Steel and Power Limited


Wednesday, 30 Apr 2014 04:10am EDT 

Legend Mining Ltd:Enters into a Share Sale and Debt Assignment Agreement (SSDAA) with a wholly-owned subsidiary of Jindal Steel and Power Limited (Jindal) for the sale of Legend’s 90 pct interest in Camina SA (Camina),1 the holding company of the Ngovayang Project in the Republic of Cameroon.Under the SSDAA, Jindal will acquire 100 pct of the shares of Legend Iron Limited (Legend Iron BVI) and the inter company loans provided by Legend to Camina, for cash consideration of A$12 mln payable upon completion.Further A$5.5 mln payable within 10 business days of the execution of a mining convention between Jindal and the Government of Cameroon.Subsequent negotiations to satisfy and/or waive certain conditions precedent have resulted in the A$12 mln payment being split into A$6 mln payable upon completion and the remaining A$6 mln 12 calendar months later.