By Susanna Moon
Chicago, May 26 - Image Resources NL said it plans to raise A$3 million from a private placement of shares to sophisticated and professional investors.
The company will issue 5,455,108 shares at A$0.55 per share.
Proceeds will allow Image to accelerate its exploration and general feasibility work over the next three years, particularly on its high-grade Atlas discovery, which will lead to the commercialization of some or all of its North Perth Basin projects.
Image Resources is a West Perth, Australia-based company that explores for heavy minerals in the North Perth Basin in Western Australia.
| Issuer: | Image Resources NL
|
| Issue: | Shares
|
| Amount: | A$3,000,309
|
| Shares: | 5,455,108
|
| Price: | A$0.55
|
| Warrants: | No
|
| Pricing date: | May 26
|
| Stock symbol: | Australia: IMA
|
| Stock price: | A$0.61 at close May 25
|
| Market capitalization: | A$48.58 million
|
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