IMX Resources (ASX:IXR) has been granted an ASX trading halt in relation to a capital raising.
The halt will last until the earlier of the announcement being made or the start of trade on Monday, 20th July 2015.
In June, the company received a US$1.7 million (A$2.3 million) cash payment from joint venture partner Loricatus Resource Investments (Fig Tree).
This payment represents the remainder of the first tranche of US$2 million payable by Fig Tree under the Ntaka Hill Nickel Project joint venture agreement in Tanzania.
A second tranche of US$4 million is due following a positive outcome of Fig Tree’s sole funded geotechnical study, which must be completed by no later than 7th September 2015.
Fig Tree recently noted that Ntaka Hill has the potential to be developed as a high-grade open pit and underground operation.
It is targeting a mine producing between 9,000 and 10,500 tonnes of nickel per annum in concentrates for a period of 10 years, at run of mine grades in excess of 1% nickel.
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