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Vimy Resources (ASX:VMY) - CEO & Managing Director, Mike Young - The Market Herald
CEO & Managing Director, Mike Young
Source: Hot Copper
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  • Vimy Resources (VMY) has successfully raised $5.5 million and will use the money for the Alligator River and Mulga Rock projects
  • Approximately 152.8 million ordinary shares will be issued to institutional and sophisticated investors at a price of 3.6 cents each
  • The placement is expected to settle and June 15 and shares can begin trading on the ASX on June 16
  • The money will be used for exploration drilling at Alligator River and update the commercial and operational data for a definitive feasibility study at Mulga Rock
  • Vimy has ended the day 7.50 per cent in the red and shares trading for 3.7 cents each

Vimy Resources (VMY) has successfully raised $5.5 million and will use the money for the Alligator River and Mulga Rock projects.

Approximately 152.8 million ordinary shares will be issued to institutional and sophisticated investors at a price of 3.6 cents each.

The placement is expected to settle and June 15 and shares can begin trading on the ASX on June 16.

"The raise allows us to advance the Alligator River Project, including further assessment of the huge potential for the development of the Angularli Deposit and the outstanding exploration potential of Southern Flank," CEO and Managing Director Mike Young said.

"I'd like to welcome all new shareholders to the register and thank those who have followed, or increased, their holding," he added.

Alligator River Project

The Alligator River Project is located in Arnhem Land in the Northern Territory and the tenements are on Aboriginal land.

The project consists of three separate tenement packages and covers an area of 3865 square kilometres.

This money will be used for exploration drilling at Southern Flank and Such Wow.

Mulga Rock Project

The Mulga Rock Project is located 290 kilometres east-northeast of Kalgoorlie in the Great Victoria Desert of Western Australia.

Money from the placement will be used to update commercial and operational data to put into a definitive feasibility study.

Vimy has ended the day 7.50 per cent in the red and shares trading for 3.7 cents each in a $24.75 million market cap.

VMY by the numbers
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