Australian uranium firm Vimy Resources has signed legally binding agreements with Resource Capital Fund VI (RCF VI) to get the remaining A$25m ($18.3m) of a A$30m ($22m) funding package.
The company secured the $22m funding package in May this year to finance its Mulga Rock uranium project in Western Australia.
The funding package includes a A$15m ($11m) unsecured bridging loan and a A$10m ($7.3m) payment in return for a 1.15% royalty. A A$5m ($3.6m) placement to RCF VI was undertaken in May.
Vimy Resources CEO and managing director Mike Young said: "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."
The Mulga Rock project is situated 240km ENE of Kalgoorlie in the Great Victoria Desert of Western Australia.
A scoping study estimated that the project will generate average yearly earnings before interest, taxes, depreciation and amortisation of A$161m ($126m), at a uranium price of $75/lb uranium oxide.
It will have a pretax net present value of A$764m ($602m) and an internal rate of return of 39%.