Legacy Iron Ore plans to raise up to $21.4 million through a pro-rata renounceable entitlement offer.

The initiative is priced at a discounted 1.5 cents per new share to support ongoing exploration, boost working capital, and cover offer-related expenses.

Eligible shareholders can acquire two new shares for every nine held.

NMDC, a significant shareholder, committed to applying for over $19 million of its entitlements.