Vimy Resources Ltd (ASX:VMY) has secured commitments to raise $6 million in a share placement priced at 11 cents.
The company’s most advanced asset is its Mulga Rock Project in Western Australia, a fully approved project with a large resource of 71.2 million tonnes grading 570 parts per million U308.
In January 2018, Vimy released a definitive feasibility study reinforcing the status of the project as Australia’s largest and most advanced uranium project.
Vimy is now progressing towards a final investment decision and activities include advancing off-take contracts and project financing and updating the study to include base metal by-products.
Unlocking the potential of the Alligator River Project
As well as progressing the final stages of the Mulga Rock Project, funds will be used to accelerate an exploration program at the Alligator River Project in the Northern Territory.
The Alligator River Project is located in a world-class uranium province and has the largest granted tenement package covering 3,865 square kilometres.
It is an under-explored uranium province known to host large deposits with exceptional grade.
Drilling on high priority targets is to commence shortly, with a scoping study on the Angularli deposit to be completed by end of 2018.