Miner Oz Minerals Ltd
(ASX:OZL) has decided exercise its ‘anti-dilution rights’ in explorer IMX Resources Ltd
(ASX:IXR) and take up its full $3.8 million entitlement in the explorer's placement.
The proposed $29 million placement is mainly with Hong Kong based Taifeng Yuanchuang International Development.
Oz Minerals decision to take up its full entitlement allows it to maintain its 13% holding in IMX Resources.
Managing Director of IMX, Duncan McBrian says the company is very pleased that Oz has decided to exercise its anti-dilution rights and participate in the proposed placement to Taifeng and see it as a vote of confidence in the company and its vision for the future.
Oz Minerals posted a $2.5 billion loss for the 2008 calendar year.
