Legacy Iron Ore Ltd. (ASX: LCY) announced a private placement of convertible security for gross proceeds of AUD 7,600,000 on February 10, 2011. The funding will involve the participation of SpringTree Special Opportunities Fund, LP, fund managed by SpringTree Global Investors, LLC. The company will access the funding for a period of over 24 months. The investor will immediately provide AUD 700,000 plus AUD 200,000 being the first tranche. The company will get from AUD 150,000 to AUD 300,000 in monthly tranches for up to 23 months. The company will also pay the investor 2,900,000 options exercisable at 130% of the average of the daily volume-weighted average prices of the shares for the 20 trading days immediately prior to the date of the execution of the agreement. The company will also pay the investor a commencement fee, to be satisfied by an issue of 3,463,541 shares. On February 14, 2011, Legacy Iron Ore Ltd. announced that it has raised AUD 700,000 pursuant to first close. The company issued 3,463,541 shares to the investor as commitment fee. The convertible security does not bear interest and are unsecured. On conversion the convertible security shall convert into common shares. The convertible security shall be converted on or before February 14, 2013. The options are exercisable at AUD 0.1173 per share on or before February 14, 2014. The minimum investment accepted from any outside investor is $4,194,820 (AUD 4,194,820). The company may raise a total of AUD 7,800,000 by March 1, 2011. The conversion was made through www.oanda.com as on February 14, 2011. On March 1, 2011, the company received AUD 4,194,820 in funding from a single investor. On April 15, 2011, the company issued convertible securities for gross proceeds of AUD 300,000. On May 17, 2011, the company issued convertible securities for gross proceeds of AUD 300,000. On June 16, 2011, the company issued convertible securities for gross proceeds of AUD 300,000. On July 4, 2011, the shareholders approved the transaction. On July 21, 2011, the company issued convertible securities for gross proceeds of AUD 300,000. On August 17, 2011, the company issued convertible securities for gross proceeds of AUD 300,000. On October 19, 2011, the company issued convertible securities for gross proceeds of AUD 300,000. On November 18, 2011, the company issued convertible securities for gross proceeds of AUD 300,000. On December 21, 2011, the company issued convertible securities for gross proceeds of AUD 300,000. On January 27, 2012, Legacy Iron Ore Ltd. closed the transaction. The compnay has received AUD 7,294,820. The company will not raise further amount.