Vimy Secures Remaining $25 Million of Funding Package with Resource Capital Fund

Vimy Resources Ltd. (ASX:VMY) announced that is has entered into legally binding agreement with Resource Capital Fund VI L.P. for the final $25 million of the $30 million funding package.
As quoted in the press release:

The total $30 million funding package is expected to fund Vimy through to project financing of the Mulga Rock Uranium Project northeast of Kalgoorlie in Western Australia (“MRUP”).
In addition to the $5m placement to RCF VI undertaken in May, the funding package comprises a $15 million unsecured bridging loan (“Bridging Loan”) and a $10 million payment in return for a 1.15% royalty (“Royalty”). The Bridging Loan and the Royalty will become available to Vimy following the satisfaction of customary conditions precedent.
The $10 million Royalty payment will be immediately drawn by Vimy, whereas Vimy intends to draw on the Bridge Loan only when and if required.

Mike Young, managing director and CEO of Vimy, commented:

The completion of the funding agreements with RCF VI complements the progress Vimy has been making on ore beneficiation and environmental approvals. We are now well placed from a funding perspective to continue to progress the Mulga Rock Uranium Project to project financing.

Click here to read the full Vimy Resources Ltd. (ASX:VMY) press release.