Image raises $2m in placement

West Perth-based mineral explorer Image Resources NL has raised $2 million through a placement of 1 million shares to a mystery shareholder, the company has announced.

The sale comes one week after Singapore-based investor Choon Kong Lim boosted his stake in the company by acquiring a further 1.15 million shares for $2.3 million.

The full text of a company announcement is pasted below

Image Resources NL is pleased to advise that another private investor has further increased their shareholding in the Company by committing to a placement of 1 million shares for a total of $2 million.

The company welcomes the commitment which gives the directors confidence and additional acknowledgement that the extensive work completed to date within the mineral sands sector has been very successful and the funds placed will assist the Company in its efforts to further develop the mineral sands projects.

The placement is being made to a sophisticated investor within the definitions contained in Section 708 of the Corporations Act 2001 (Act) and is an offer that does not therefore require disclosure within the terms of that Act.