Legacy Iron Ore (ASX:LCY) said the suspension of trading of its securities will remain in place until it proves compliance with listing rules and that it is appropriate for the company's securities to be reinstated to official quotation, according to a Friday filing with the Australian Securities Exchange.
The company requested voluntary suspension of its securities trading on Aug. 29, after discussions with the ASX about its financial position and compliance with listing rule 12.2, the filing said.
Meanwhile, the company plans to launch a non-renounceable accelerated entitlement offer, offering two shares for every seven shares at AU$0.011 apiece to raise around $24.2 million, according to the filing.
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