Legend spins off Paradise

Legend spins off Paradise

US-listed Legend International Holdings has received specific stamp duty, structuring and tenement advice from McCullough Robertson in relation to the transfer of its flagship Paradise phosphate project located near Mt Isa Queensland into a new subsidiary that will be floated on the Australian Securities Exchange.

As part of the transaction, Paradise Phosphate raised A$7.5 million via a convertible note facility with Acorn Capital (an Australian financial institution).  The funding from Acorn will be put towards the early-stage development of a one million tonnes per annum phosphate beneficiation plant at Paradise South.

The McCullough Robertson team of Lead Partner Janelle Moody, Senior Associate Louise Horrocks, and Senior Associate Sarah McBratney assisted with due diligence in relation to the tenements and documentation for the transfer of the assets and the issuing of convertible notes.

Melbourne-based Legend said an Australian subsidiary would lift the profile of the project and encourage further investment.

'I would like to thank each and every one of you (and your support staff) for your diligence, professionalism, understanding and tolerance throughout this transaction.  It would not have been possible to achieve without your efforts and expertise.' - Legend’s Legal Manager Tony Chay.

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