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Vast raises additional £500,000 as part of Crede agreement

Published: 11:12 06 Jan 2016 GMT

Vast-Resources-Manaila-mine-3
The funding from Crede will enable a ramp up in production at its Manaila site in Romania

Vast Resources (LON:VAST) has raised the further £500,000 required for the £5mln financing agreement announced earlier this week.

Directors, senior executives and consultants have agreed to subscribe for new shares at 0.8p per share to raise the additional capital.

Around 62mln shares were issued at the issue price, which is the same as agreed with investor Crede on Monday.

Vast unveiled a financing deal with Crede worth up to £5mln which will be dispatched in four tranches of £1.25mln.

The first was issued on Monday, with the second, third, and fourth tranches conditional on an investment of £500,000 from the directors and senior executives of Vast.

Roy Pitchford, chief executive, said on Monday that “securing a long term, cornerstone investor has been a requirement of the company since its transition from a junior explorer to a mine operating company.”

The funding from Crede will enable a ramp up in production at its Manaila site in Romania, as well as the re-commissioning eventual expansion of its Baita Plai mine.

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