Excerpt from AFR:Listed uranium explorer Vimy Resources was...

Excerpt from AFR:

Listed uranium explorer Vimy Resources was seeking a $20 million cash injection on Friday for its Mulga Rock uranium project, as it continues with a strategic review.

Vimy Resources is raising $20 million amid its strategic review.

The offer was priced at 19¢ a share, a 15.6 per cent discount to the last close and 7.7 per cent discount to the five-day volume-weighted average price, according to term sheet.

Potential investors were told Vimy would put the money towards early works and feasibility study at its Mulga Rock project for which it has previously advised 3.5Mlb annual production, 15 year mine life and $605 million pre-tax net present value, for $393 million capital expenditure.

The raise would also help with drilling at Vimy’s Alligator River project in Northern Territory.