Vimy launches SPP to raise more cash

28th October 2019 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH ( – Uranium hopeful Vimy Resources has launched a share purchase plan (SPP) aimed at raising A$3.9-million to strengthen its balance sheet and bolster working capital.

The company last week announced that it had completed a A$3.9-million capital raise, and would place 77.87-million shares, at a price of 5c each, to institutional and sophisticated investors, under the company’s existing placement capacity.

The funds from the share placement will be used to fund exploration at the Alligator River project and to update a definitive feasibility study for the Mulga Rock project.

Vimy on Monday said that the SPP would allow shareholders to subscribe for up to A$30 000 worth of new shares in the company, at an issue price of 5c each.

The SPP will close on November 18.