Image Resources NL (ASX:IMA) Announces A$1.25m Capital Raising To Accelerate Exploration And Evaluation
Perth, Nov 9, 2010 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (PINK:IMREF) is raising A$1,250,000 by issuing 3,125,000 shares at A$0.40 per share to a combination of sophisticated and professional investors. Following the placement Image will have 89,438 959 fully paid shares on issue and will hold cash and liquid assets of approximately A$4.6 million after payment of the costs of the placement. The funds will allow Image to accelerate its exploration and general feasibility work, particularly on its Atlas discovery, which Image believes may lead to the commercialisation of some or all of its North Perth Basin assets.
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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