- Australia-based uranium explorer Vimy Resources (VMY) has placed its shares in a trading halt while it gears up for a capital raise
- The trading halt is expected to be lifted by Monday, April 19, when the results of the proposed raise are made to market
- Vimy has not offered any clear indication as to how much it is looking to raise or how it plans to spend the funds
- The explorer is the owner of what it describes as the largest advanced uranium deposit in Australia; The Mulga Rock Project in Western Australia
- Prior to the trading halt, Vimy Resources shares last changed hands at 13.5 cents
Australia-based uranium explorer Vimy Resources (VMY) has placed its shares in a trading halt while it gears up for a capital raise.
Company shares are expected to remain in a trading halt until Vimy releases the results of the proposed capital raise and the commencement of normal trading on Monday, April 19.
At this stage, Vimy said it has no other information to update the market on regarding the halt or any finer details regarding the raise.
The company owns the Mulga Rock Project, which is located in the Great Victoria Desert of Western Australia and is tipped by the company to be the largest advanced uranium deposit in the country.
In an announcement earlier this year, the explorer announced it was reassessing the possibility of an ancillary base metals circuit at the project.
Vimy reported a cash and equivalents balance of roughly $4.3 million in its most recent half-yearly report, after burning through approximately $1.8 million in exploration expenditure over the half-year ended December 31, 2020.
Prior to the trading halt, Vimy Resources shares last changed hands at 13.5 cents.