Image Resources’ A$50 million financing of its Boonanarring mineral sands project


Allens has advised Image Resources on the A$50 million financing of its Boonanarring mineral sands project.

Image has now met conditions precedent for drawdown in the loan note subscription agreement, which saw Image raise the equivalent of A$50 million from the issue of US$ denominated senior secured loan notes to Pala Investments Limited and two entities controlled by Castlelake L.P.

The loan note subscription agreement will fully fund Image’s high-grade, zircon-rich Boonanarring mineral sands project, one of the richest heavy-mineral grade, high-zircon undeveloped mineral sands projects in Australia.

Image Resources NL is a diversified mineral explorer with a major landholding and an expanding mineral sands resource base in the North Perth Basin of Western Australia as well as major mineral sands projects in the Eucla Basin. The company, led by John McEvoy, Patrick Mutz and George Sakalidis, is baseed in Australia.

Allens advised on all aspects of the financing with a team including Nicholas Creed (Picture), Rod Aldus and Elliott Clutterbuck.

Involved fees earner: Nicholas Creed – Allens; Rod Aldus – Allens;

Law Firms: Allens;

Clients: Image Resources;

Author: Michael Patrini