IMX Resources Ltd. (TSX:IXR,ASX:IXR) announced that the Tanzanian Fair Competition Commission (FCC) has approved the Nkata Hill nickel project joint venture with Loricatus Resources Investments. Loricatus is an investment vehicle of Fig Tree Resources Fund II.

As quoted in the press release:

This follows receipt of the Ntaka Hill retention licence on 13 April 2015, and means that all conditions precedent to the transaction have now been satisfied. As a result, IMX will now receive US$1.7 million as the balance of the upfront consideration, after receiving a prepayment of US$300,000 on 15 April 2015.

Phil Hoskins, CEO of IMX, commented:

The FCC approval allows the joint venture to move ahead, with Fig Tree taking control of activities at Ntaka Hill and commencing its geotechnical studies program. Successful completion of that US$1 million program will see Fig Tree pay IMX a further US$4 million.

The receipt of the US$1.7 million, together with the recently completed share placement, ensures the Company is fully funded to progress project development work at the Chilalo Graphite Project. Over the coming months, our rapid advancement of that exciting project remains the priority, with every effort going towards continuing the significant progress made to date.

Click here to read the full IMX Resources Ltd. (TSX:IXR,ASX:IXR) press release.