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  • IMX Resources Places Shares 0 comments
    Nov 21, 2012 6:17 PM

    IMX Resources (ASX: IXR, TSX: IXR, IXR.WT) has placed 33.9 million shares at $0.11 with institutional investors and clients of Octa Phillip Securities Limited and Patersons Securities Limited, raising an amount of $3.73 million.

    Importantly for IMX - the placement ensures effective consideration of $8.7 million from the proposed sale of the 49% interest in Mt Woods Copper-Gold JV and associated tenements to OZ Minerals (ASX: OZL).

    Neil Meadows, managing director of IMX, commented: "The successful share placement has delivered substantial benefits to IMX shareholders, without any dilutionary impact.

    "We have simultaneously injected cash and new shareholders into the company while providing a seamless exit for our second largest shareholder.

    "The injection of new capital provides us with the financial resources to fund working capital and extend the current exploration program of the Ntaka Hill Nickel Sulphide Project and regional exploration on the Nachingwea property in Tanzania."

    The deal is subject to the required IMX shareholder approvals being obtained and completion of the OZ Mineralstransaction.


    The Mt Woods deal delivers IMX sufficient cash to continue exploration and evaluation work on the wholly owned Nachingwea property in Tanzania, which hosts the Ntaka Hill Nickel Sulphide Project.

    IMX has recently been delivering a string of positive nickel sulphide results from the project, with Ntaka Hill one of the world's best un-developed nickel sulphide projects with the potential to produce a very clean, high quality premium nickel concentrate.

    The pending sale of the Mt Woods interest also simplifies IMX's project portfolio and structure, allowing resources to be allocated to the company's core projects.

    IMX is already well-funded with $19.2 million cash at bank at the end of September 2012. The Mt Woods deal will further increase this cash position.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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