Image Resources NL Stock Market Press Releases and Company Profile

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 Ltd ASX:IMAImage 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.

abnnewswire.com 


Contact

George Sakalidis
Managing Director
Tel: +61-8-9485-2410
Mob: +61-411-640-337

Roger Thomson
Executive Director
Tel: +61-8-9485-2410
Mob: +61-419-969-183



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