Vast Resources PLC (LON:VAST) has moved a step closer to receiving the funds from its financing arrangement with SSCG Africa (SSA).
SSA’s subsidiary Myristica has now obtained a Zimbabwe Indigenisation Compliance Certificate and a Zimbabwe Investment Authority Licence, both of which were pre-requisites for the completion of the sales of the company’s 49.99% interest in its principal assets in Zimbabwe.
The only regulatory condition now outstanding is the approval by the Reserve Bank of Zimbabwe of the assignment of 49.99% of Vast's loan account with Canape.
As well as receiving US$4mln for the assets it is selling, Vast was set to receive a loan of US$4mln from SSA; US$3mln of this has now been drawn down, Vast revealed.
Shares in Vast were up 0.l4% at 0.517p in mid-afternoon trading.