PERTH (miningweekly.com) – Mining and exploration company IMX Resources on Monday announced a one-for-two nonrenounceable entitlement offer to raise about A$3-million to fund exploration work at its various prospects.
Under the entitlement offer, Australian and New Zealand shareholders would be able to subscribe for one new share, for every two shares held, at an issue price of 1.2c a share.
The issue price represented a discount of 25% to IMX’s last closing price on November 14, and a 37% discount to the five-day volume weighted average price.
The company told shareholders that proceeds from the entitlement offer would be used to fund exploration and evaluation work at the Chilalo graphite project and the Kishugu gold prospect, both in Tanzania, and to complete retention work on its nickel tenements in the country, as well as to meet holding tenement costs at the Nachingwea property.