PERTH (miningweekly.com) – ASX-listed IMX Resources has secured a A$3-million investment from investors to fund work on the Chilalo graphite project, in Tanzania.
A private Chinese investor, who is a board member of several Chinese companies and is considered highly influential, would subscribe for nearly half of the 250-million IMX shares on offer, priced at 1.2c each.
The placement would be subject to shareholder approval.
IMX further announced on Monday that it would undertake a share purchase plan to raise a further A$1-million. Eligible shareholders would be allowed to subscribe for up to A$15 000 in shares, which would also be priced at 1.2c each.
IMX CEO Phil Hoskins said the placement and investment represented a pivotal development for the company and its emerging graphite and gold projects in Tanzania.
“Securing a quality cornerstone investor with strong financial backing, proven resource experience and extensive contacts in China greatly enhances our prospects of concluding a binding offtake and financing transaction for Chilalo.”
Hoskins said that, with the strengthened balance sheet, IMX was now ideally placed to rapidly complete a prefeasibility study at Chilalo, maintain its momentum with marketing and offtake discussions and continue exploration at the Kishugu and Naujombo gold prospects, where fieldwork was currently being conducted to identify primary drill targets.