Vimy Resources Limited
(ASX:VMY) has announced it will inject $20 million into its balance sheet through a placement, loan conversion to equity and share purchase plan.
The placement will raise $4.6 million at $0.26 per share and will be received in two tranches.
Funds from the placement will be put towards a uranium grade optimisation drilling program.
A $15 million bridging loan will be converted to equity at an identical share price and the share purchase plan will seek to raise up to $1 million for working capital needs.
Vimy Resources Limited reported a net loss of $1.9 million at 31 December 2015.
