PERTH (miningweekly.com) – Uranium developer Vimy Resources has raised A$6-million through a share placement to sophisticated and institutional investors to complete definitive feasibility study (DFS) work at its Mulga Rock project, in Western Australia.
The company will issue 43-million shares, priced at 14c each, to new shareholders, representing some 13.5% of the shares currently on issue.
“We’re very happy with the overwhelming response from investors who appreciate the positive outlook for uranium and its place in the world as the best source of energy,” said Vimy MD Mike Young.
“Our Mulga Rock deposit is world-class and is on target to be one of the few uranium projects on earth that will be mine-ready in 2018.”
The funds raised from the placement will be used to complete DFS work at the project, with the study scheduled for completion in the December quarter of this year.
The Mulga Rock project is currently one of four approved by the Western Australian government for development, with the state government earlier this year placing a ban on the development of any further uranium sources in the region.