Vast Resources PLC (LSE:VAST, FRA:D9A) has completed its reverse takeover of Gulf International Minerals, adding a 49% stake in a producing Tajikistan gold and silver operation as its shares return to AIM trading.
The acquisition brings the Aprelevka joint venture into the enlarged group. Its four active licences along the Tien Shan Gold Belt currently produce around 11,000 ounces of gold and 130,000 ounces of silver annually from mined ore and tailings.
Vast also completed a placing and subscription raising around £7.5 million gross at 6.25p per share, alongside a £300,000 retail offer. Together with a previously announced US$10 million debt facility, proceeds will fund creditor and loan settlements, transaction costs, working capital and technical development at Aprelevka. US$4 million of the debt facility is reserved for project expansion.
Chief executive Andrew Prelea called completion of the deal a “pivotal moment” and said the Aprelevka mines are already cash generative. Vast has meanwhile begun a drilling campaign targeting a maiden JORC-compliant resource across the Aprelevka assets and is considering a further subscription of roughly £500,000.