Deal funds exploration, feasibility work, chiefly at Atlas discovery
By Devika Patel
Knoxville, Tenn., Nov. 9 - Image Resources NL said it will conduct a private placement of shares.
The company will sell 3,125,000 shares at A$0.40 per share for A$1.25 million. The price per share is a 4.76% discount to A$0.42, the Nov. 8 closing share price.
Proceeds will allow Image to accelerate its exploration and general feasibility work, particularly on its high-grade Atlas discovery, which Image believes may 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$1.25 million
|
| Shares: | 3,125,000
|
| Price: | A$0.40
|
| Warrants: | No
|
| Pricing date: | Nov. 9
|
| Stock symbol: | Australia: IMA
|
| Stock price: | A$0.42 at close Nov. 9
|
| Market capitalization: | A$36.25 million
|
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