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Legend Mining: Updated Pilbara Project Sale Terms Increase Certainty

Legend Mining (ASX: LEG) is set to benefit from increased certainty in the sale of the company's Pilbara Project Tenements with a revision to the consideration for the deal.

Under the new agreement, Artemis Resources (ASX: ARV) will issue 60 million shares to Legend in return for a 100% interest in the tenements.

Legend managing director said the outcome was positive for Legend.

"This rearrangement is a pleasing outcome as it removes the uncertainty surrounding the former structure of the sale," Wilson said.

"Legend will hold approximately 12.5% of the issued capital of Artemis upon completion, subject to 12 months voluntary escrow."

The change centres on Artemis' decision to acquire Karratha Metals, which was the original purchaser of Legend's Pilbara Project tenements.

However, the original agreement was dependent on Karratha undertaking an IPO.

Completion of the new agreement on or before June 29, 2012, is subject to approval from Artemis' shareholders and the completion of the acquisition of Karratha Metals by June 22.

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