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Image Resources Directors Increase Shareholdings

Image Resources (ASX: IMA) chairman Peter Thomas and executive director George Sakalidis have each increased their shareholding in the company through on-market purchases.

Thomas acquired 500,000 shares for $95,000, or an average price of A$0.19 each while Sakalidis bought 45,000 shares for $9060.56, or an average price of A$0.201.

With the acquisitions, Thomas now holds 2,100,306 shares in Image while Sakalidis owns 3,026,372 shares.

Thomas also cancelled 650,000 unlisted options exercisable at A$2.12 that expired on 20 November 2012 leaving him with 650,000 unlisted options exercisable at A$0.3908 and expiring 27 December 2016 and 500,000 unlisted options exercisable at A$1.1162 and expiring 18 December 2014.

Likewise, Sakalidis cancelled 800,000 unlisted options exercisable at A$2.12 that expired on 20 November 2012.

He now holds 800,000 unlisted options exercisable at A$0.3908 and expiring 27 December 2016 and 800,000 unlisted options exercisable at A$1.1162 and expiring 18 December 2014.

Image had earlier this month received confirmation its North Perth mineral sands project would undergo a Public Environmental Review and secured commitments to raise more than A$6.5 million to help fund a bankable feasibility study on its Boonanarring and Atlas mineral sands project.

These move the company closer towards the goal of delivering production in 2014.

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