IMX Resources Successfully Places 33,909,000 Ordinary Shares
VANCOUVER, BRITISH COLUMBIA, Nov 21, 2012 (Menafn - MARKETWIRE via COMTEX) --IMX Resources Limited (asx:IXR)(asx:IXR.WT) -
--Placement of 33,909,000 shares ensuring 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 (subject to the required
IMX shareholder approvals being obtained and completion of the OZ
--Strong support from new and existing shareholders
IMX Resources Limited ('IMX' or the 'Company') is pleased to announcethat it has agreed to place 33,909,000 ordinary fully paid shares at0.11 per share (the "Share Issue") with institutional investors andclients of Octa Phillip Securities Limited and Patersons SecuritiesLimited, raising an amount of 3.73m.
As announced on 19 November 2012, the Share Issue combined with theproposed sale of the Mt Woods Copper-Gold JV interest to OZ MineralsLimited will result in the receipt of approximately 8.7 millionbefore costs, without an increase in the Company's share capital. TheShare Issue falls within the Company's 15% capacity.
Managing Director Neil Meadows said, "The successful share placementhas delivered substantial benefits to IMX shareholders, without anydilutionary impact. We have simultaneously injected cash and newshareholders into the Company while providing a seamless exit for oursecond largest shareholder. The injection of new capital provides uswith the financial resources to fund working capital and extend thecurrent exploration program of the Ntaka Hill Nickel Sulphide Projectand regional exploration on the Nachingwea property in Tanzania."
The Company expects to issue the placed shares and a notice undersection 708A(5)(e) of the Corporations Act 2001 within 5 businessdays of the date of this announcement, and to apply to ASX Limitedfor the quotation of the additional shares on that date. In addition,settlement of the Share Issue is subject to the conditional approvalof the Toronto Stock Exchange.
NEIL MEADOWS, Managing Director
About IMX Resources Limited
IMX Resources Limited is an Australian based mining and base &precious metal exploration company dual-listed on the Australian andToronto stock exchanges (asx/ tsx code:IXR), withexploration projects located in Australia, Africa and North America.
In Africa, IMX owns and operates the highly prospective NachingweaExploration Project in southeast Tanzania, which includes thepotentially world-class Ntaka Hill Nickel Sulphide project.Nachingwea is highly prospective for nickel and copper sulphide, goldand graphite mineralisation. The Ntaka Hill Nickel Sulphide Projectis one of the world's best un-developed nickel sulphide projects andhas the potential to produce a very clean, high quality premiumnickel concentrate.
In Australia, IMX operates and owns 51% of the Cairn Hill MiningOperation, located 55 kilometres south-east of Coober Pedy in SouthAustralia, where it produces a premium coarse-grainedmagnetite-copper-gold DSO product at a rate of 1.8Mtpa.
IMX is actively developing the Mt Woods Magnetite Project on thehighly prospective Mt Woods Inlier in South Australia. IMX currentlyhas a JORC Inferred Resource of 569Mt @ 27% Fe at the SnaefellMagnetite Deposit and a Global Exploration Target of between200-380Mt @ 25-35% Fe elsewhere in the project. Studies indicate thatcoarse grained concentrates that could be produced at Snaefell havethe potential to produce a direct sinter feed product which has thepotential to attract a significant price premium.
IMX has also entered into a joint venture with OZ Minerals (the MtWoods Copper-Gold JV Project) to explore the Mt Woods tenements forcopper and gold. OZ Minerals is spending a minimum of 20M for a 51%interest in the non-iron rights, with IMX retaining a 49% interest inthe non-iron rights and 100% of the iron ore rights.
IMX owns 25.65% of Uranex (asx:UNX), which is a dedicated uraniumexploration company, which is developing the Mkuju Uranium project insouthern Tanzania.
FORWARD-LOOKING STATEMENTS: This News Release includes certain"forward-looking statements". Forward-looking statements andforward-looking information are frequently characterised by wordssuch as "plan", "expect", "project", "intend", "believe","anticipate", "estimate" and other similar words, or statements thatcertain events or conditions "may", "will" or "could" occur. Allstatements other than statements of historical fact included in thisrelease are forward-looking statements or constitute forward-lookinginformation. There can be no assurance that such information ofstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchinformation. Important factors could cause actual results to differmaterially from IMX's expectations.
These forward-looking statements are based on certain assumptions,the opinions and estimates of management and qualified persons at thedate the statements are made, and are subject to a variety of risksand uncertainties and other factors that could cause actual events orresults to differ materially from those projected in theforward-looking statements or information. Such factors includefluctuating metal prices, uncertainty in equity markets and otherfactors. There can be no assurance that the the proposed sale of theMt Woods Copper-Gold JV interest to OZ Minerals Limited will besuccessfully completed within expected time limits.
IMX undertakes no obligation to update forward-looking statements orinformation if circumstances should change. The reader is cautionednot to place undue reliance on forward-looking statements orinformation. Readers are also cautioned to review the risk factorsidentified by IMX in its regulatory filings made from time to timewith the ASX, TSX and applicable Canadian securities regulators.
The TSX does not accept responsibility for the adequacy or accuracyof this release. No stock exchange, securities commission or otherregulatory authority has approved or disapproved the informationcontained herein.
IMX Resources Limited
61 8 9388 7877
Professional Public Relations
61 8 9388 0944
SOURCE: IMX Resources Limited
Copyright 2012 Marketwire, Inc., All rights reserved.