Image Resources NL has raised an initial A$5.3 million from shareholders under the company's fully underwritten 5-for-12 rights issue.

The ASX-listed explorer said Jan. 24 that shareholder subscriptions for 132,852,360 shares represent about 84% of the total shares it was offering.

Image Resources' largest shareholder, Murray Zircon Pty. Ltd., took up its full entitlement, via a sub-underwriting commitment of 65,293,143 shares for a total of about A$2.6 million.

The remaining 25,277,531 shares will be allocated to underwriter Million Up Ltd. and sub-underwriters to raise the total to A$6.3 million.

Image Resources will use the cash to complete an updated bankable feasibility study for its Boonanarring and Atlas deposits, part of the North Perth Basin ilmenite project in Western Australia.