Perth, Feb 15, 2008 AEST (ABN Newswire) - The directors of Image Resources (ASX: IMA) are pleased to report that the Emu Nickel NL initial public offering (proposed ASX code: EMU), has closed after raising $10 million. The raising has been achieved despite difficult market conditions and indicates the extent of support for the spin-out of quality nickel assets from Image, allowing Image to focus on its core heavy mineral projects.
Holding statements and notifications will be mailed to applicants within the next week. Emu Nickel was incorporated to farm in to nickel assets acquired by Image over a number of years. Upon listing on ASX at the end of February, Emu plans to immediately instigate geochemical and geophysical surveys on several of its nickel projects. In addition, exploration programmes are already in progress on the Emu Lake, Kambalda West and Woongaring nickel projects as announced in the December 2007 quarterly report.
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. The Company achieved profitability in Q1 2019 and was cashflow positive in Q2 2019 and is now at steady state production.
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