Independence Group (ASX:IGO) is investing in nickel-copper focused Legend Mining and its Rockford North tenements.
Legend has signed an Agreement with IGO for a $9.8 million placement in Legend at an issue price of 3.6 cents per share which will result in IGO having a 11.9 per cent shareholding in Legend.
Independence Group will become Legend's second largest shareholder and will work closely with Legend's exploration team to drive discovery success at Rockford.
The mining company says Legend’s mineral exploration holdings in the Fraser Range are extensive and are highly prospective for magmatic Ni-Cu-Co sulphide deposits, with numerous prospects already identified.
Shares in Independence Group (ASX:IGO) are trading 0.2 per cent higher at $4.94.