IMX RESOURCES DISPUTE WITH JV PARTNER

On 14 November 2011, IMX Resources Limited  called on its joint venture partner, Taifeng Yuanchuang International Development Co., Ltd  to pay by 28 November 2011 its 49% share (A$4,121,601) of Cairn Hill expenditure under the Heads of Agreement  between IMX and Taifeng dated 29 December 2009. Continue reading

IMX RESOURCES CAIRN HILL PROJECT TO PROCEED

The exposed ore visible in the pit at the Cairn Hill Mine near Coober Pedy

Resources developer, IMX Resources Limited (ASX:IXR) is pleased to announce that it has received $14.6 million from private Chinese investor Sichuan Taifeng.
 
IMX Board will use these funds to continue the development of the Cairn Hill Phase 1 project in South Australia. Importantly, shipping is expected to commence in mid to late Q3. Continue reading

IMX SIGNS $47M FUNDING AGREEMENT FOR CAIRN HILL DEVELOPMENT & PLACEMENT

Managing Director of IMX, Duncan McBain

Resources developer, IMX Resources Limited is pleased to announce a major funding milestone with the signing of a Heads of Agreement (“HOA”) with Taifeng Yuanchuang International Development Co Ltd (Taifeng), the Hong Kong subsidiary of the privately owned Sichuan Taifeng Group Co Ltd. 

Taifen Yuanchuang will  invest a minimum of $47.1 million by:  contributing approximately $23 million to become a 50% equity partner in the development of the Cairn Hill Phase 1 magnetite – copper – gold project and other developments in ML6303; and  subscribing a minimum $24.1 million to become a 19.9% shareholder in IMX, at a subscription price of 48.4 cents per share, representing a 25% premium over the 30 day VWAP. Continue reading