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Image Resources Limited (ASX:IMA) Announce Emu Nickel IPO Raises A$10 Million
Perth, Feb 15, 2008 (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 is an active, innovative, Australian-based mineral explorer with a substantial portfolio of gold, nickel and mineral sand prospects in Western Australia. Incorporated in 1994, Image was formed to utilise an extensive Australian aeromagnetic database compiled over many years by the Company's founders. Image has used this powerful and unique data set, together with the experience and interpretive skills of its management, to acquire a range is prospects with high mineral potential.
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