15/02/2008 - 10:00

Emu Nickel IPO raises $10m

15/02/2008 - 10:00

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Image Resources Ltd spin-out, Emu Nickel NL, has closed its initial public offer after raising the minimum target of $10 million.


Image Resources Ltd spin-out, Emu Nickel NL, has closed its initial public offer after raising the minimum target of $10 million.

Emu was looking to raise up to $20 million to fund its nickel mining aims and had 40 million shares on offer at 50 cents each, with a minimum subscription of 20 million shares to raise $10 million.

West Perth-based Image said the raising was achieved despite difficult market conditions and indicated the extent of support for the spin-out of quality nickel assets from Image, allowing Image to focus on its core heavy mineral projects.

Emu Nickel was incorporated to farm in to nickel assets acquired by Image over a number of years, including 24 granted exploration licences covering 2,500 square kilometres near Kalgoorlie.

Upon listing on the Australian Securities Exchange at the end of February, Emu plans to immediately instigate geochemical and geophysical surveys on several of its nickel projects.

In addition, exploration programmes are already in progress on the Emu Lake, Kambalda West and Woongaring nickel projects as announced in the December 2007 quarterly report.

Emu's board comprises non-executive chairman and solicitor Peter Thomas, who is chairman of Image Ltd, Meteoric Resources NL and Magnetic Resources NL, exploration geophysicist George Sakalidis as managing director and geologist Roger Thomson as technical director.

Bell Potter Securities Ltd was lead manager on the offer.

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