AIM-listed mining company Vast Resources PLC (AIM:VAST) saw its shares dip just under 6% after raising just under £1mln via a placing of new shares.
The funds will be used for upgrading underground equipment, supporting the ongoing production ramp-up and continuing the drilling program at Vast Resources' Baita Plai Polymetallic Mine in Romania.
The company said aims to achieve a nameplate capacity of 14,000 tonnes per month in the first half after a strong first-quarter performance.
The share placing also provides liquidity as the company awaits the settlement of historic claims in Zimbabwe, which was initially expected to conclude earlier.
In the first half-hour trade, the stock was off 5.8% at 0.48p, meaning the stock remained above the placing price.