PERTH (miningweekly.com) – Mineral sands developer Image Resources has launched a nonrenounceable rights issue to raise A$6.3-million to fund the advancement of its Boonanarring project, in Western Australia.
Eligible shareholders will be offered five new shares for every 12 shares held, at a price of 4c a share.
The funds raised will be used to update the bankable feasibility study for the Boonanarring and Atlas projects, as well as to purchase land critical to the development of the Boonanarring project, and to undertake additional exploration work.
“The company has made significant progress in updating the feasibility study for the Boonanarring/Atlas project, and we are well placed to complete the study to a bankable standard by the end of March 2017 as scheduled,” said Image MD Patrick Mutz.
“We are also very fortunate to have a strong and very supportive shareholder base, as evidenced by this offer being fully underwritten.”
The rights issue will close on January 12, with the new shares to start trading on January 20.