Image Resources has announced a plan to raise $7 million to fund a feasibility study for its North Perth Basin mineral sands project.
Image announced earlier today that it had mandated CPS Securities to manage a placement to institutional and sophisticated investors to raise the funds.
The company said it intended to complete the rights issue in December.
The funds will be used to complete a bankable feasibility study at the Boonanarring and Atlas mineral sands projects north of Perth.
“With this raising, Image will continue to move toward the milestone of delivering production in 2014 and we can now focus on the main feasibility study and associated environmental and approvals work,” managing director Peter Davies said.
Image Resources shares were lightly traded on the ASX after emerging from a trading halt this morning, closing steady at 27 cents.
