Mining group Vast Resources PLC (LON:VAST) has brought in £518,678 gross from its previously announced open offer aimed at pursue its growth plans.
On July 14, the firm revealed plans to raise up to £1mln via the offer to existing shareholders. Acceptances were received for over 181.9mln shares, or 51.87% of the shares available.
The group will also issue the same number of warrants to those who applied, granting the right to one share exercisable at 0.5 pence and expiring on June 30, 2019.
Vast chief executive Roy Pitchford said: "We are absolutely delighted with the support demonstrated by our existing shareholders, in what remains a challenging market for fund-raising in the natural resource sector."
He added: "The strength of the demand from our shareholders is a pleasing endorsement of the company's strategy of continuing with its current investment in Zimbabwe whilst developing new mining operations in Romania, a country richly endowed with mineral resources, having no exchange controls or local ownership requirements and benefitting from the protection afforded by membership of the European Union."