(MENAFN - ProactiveInvestors - Australia) Image Resources (ASX: IMA) managing director Peter Davies and executive director exploration George Sakalidis have increased their respective shareholdings in the company through further on-market acquisitions.
Davies added an additional 100,000 shares to his portfolio for a total consideration of A21,509, providing an average entry price of 0.215 per share.
Sakalidis topped up his shareholding with the purchase of a further 100,000 shares for a total consideration of 21,500, or an average entry price of 0.215 per share.
Earlier in the month Image put away a committed 6.5 million capital raising through CPS Securities at 0.20 per share.
The broker has commitments to the placement in an amount exceeding 6.5 million and will see up to 7 million.
Funds raised, together with current working capital, will exceed the current estimated costs for Image to complete a Bankable Feasibility Study on its Boonanarring and Atlas mineral sands project in the North Perth Basin.
The work is scheduled to be completed in July 2013 including an independent expert review.
The company intends to complete the issue in December.