Perth, May 27, 2009 AEST (ABN Newswire) - Image Resources (ASX:IMA)(PINK:IMREF) is raising A$3,000,309 by issuing 5,455,108 shares at 55 cents per share to a combination of sophisticated and professional investors. Following the placement Image will have 85,099,354 fully paid shares on issue and will hold cash and liquid assets of approximately $7 million after payment of the costs of the placement.
The funds will allow Image to accelerate its exploration and general feasibility work over the next 3 years, particularly on its high-grade Atlas discovery, which Image believes will lead to the commercialisation of some or all of its North Perth Basin projects.
A$3 million raising from a share placement.
The capital raised will fund:
- Ongoing studies at the North Perth Basin heavy mineral project.
- Continued exploration of the North Perth and Eucla Basins.
- Pursuit of joint venture and acquisition opportunities.
- General working capital.
About Image Resources NL
Image Resources NL (ASX:IMA) is a mineral sands focused mining company operating an open-cut mine and ore processing facility at its 100%-owned, high-grade, zircon-rich Boonanarring Project, located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring is arguably one of the highest grade, zircon-rich mineral sands projects in Australia. Construction and project commissioning were completed on-time and on-budget in 2018. Production commenced in December 2018 and HMC production ramped-up to exceed name-plate capacity in only the second month of operation.
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