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 miner and supplier of critical minerals titanium dioxide, zircon and monazite containing rare earth elements for sale into global markets. The Company has a demonstrated track record of successful project development and operations at its Boonanarring project located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring was a high-grade, high-zircon, low capital cost mine development that was constructed on-time and on-budget in CY2018 and then ramped up to name plate capacity in the second month of operation and went on to operate profitably through Q3 2023. Debt for the project was paid off early in February 2021 and the Company paid dividends to shareholders in April 2021 and April 2022.
Image completed critical construction of the Atlas project in January 2025 and started commissioning and achieved first HMC production in February 2025 and will be ramping up production and revenue from Atlas in Q2 CY2025.
Chapter 1 operating strategy for Image involved the transition from advanced explorer to active miner in CY2018, operating a single mine and producing a single product (HMC) sold into a single jurisdiction (China). Chapter 2 strategy (post Atlas) will focus on the Company's growth and sustainability ambitions which includes the operation of multiple mines in parallel, producing multiple products (separating HMC), and selling into a global market.
The Company is also investigating a significant value adding step of upgrading its ilmenite to synthetic rutile using a lower GHG emissions, innovative process which Image has provisionally patented, and aims to demonstrate the technical and economic feasibility of this novel process in CY2025-26.
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