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Image Resources to raise A$25M via private placement for Boonanarring project

Image Resources NL said March 12 that it launched a fully underwritten private placement of A$25 million priced at 10 cents per share.

The company signed two deeds in which subscribers agreed to secure a minimum of 96,227,088 shares, or 10.1% of the total shares under the placement. Proceeds will fund construction at its wholly owned North Perth Basin mineral sands project in Perth, Western Australia, and commissioning of the project and a wet concentrate plant.

The project's capital costs are estimated at A$52 million with a six-month construction lead time. The company expects to complete initial mining pre-strip and the concentrator plant construction near the end of third quarter and kick off production during the fourth quarter.

The company is also launching a debt facility of A$50 million to advance the Boonanarring project.