Image completes A$25m raising
PERTH (miningweekly.com) – ASX-listed Image Resources has raised A$25-million through a share placement to fund the Boonanarring mineral sands project, in Western Australia.
The company had previously entered into two equity subscription deeds to fully underwrite the issue of 250-million fully paid ordinary shares, at an issue price of 10c each.
Vestpro International and Million Up have executed subscription deeds providing certainty to the equity raising, and committing to fully underwrite the raising, with Vestpro guaranteeing a minimum of 96.2-million shares, or 10.1% of the total shares on issue, following the equity raising.
Image chairperson Bob Besley said on Thursday that the company remained encouraged by the strong support shown from both new and existing shareholders and institutions, and in particular Vestpro International.
"Completion of the equity raising paves the way for the completion of development of the Boonanarring project and the robustness of the project continues to strengthen as market prices for mineral sand commodities continue to rise.”
First production from Boonanarring has been targeted for the fourth quarter of this year.
The Boonanarring deposit is expected to deliver 1.1-million tonnes of heavy mineral concentrate and the Atlas deposit an additional 711 000 t. The Boonanarring deposit is estimated to have an initial mine life of five years, after which mining will move to the Atlas deposit, which will add a further three years to the overall mine life.
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