Vast Resources PLC (LON:VAST) further updated on its financing arrangement with SSCG Africa (SSA), saying just one approval now needs to be granted.
As previously reported, Vast is to receive US$8mln mainly to advance its core activities in Romania - consisting of a US$4 million payment for the sale of 49.99% interest in its principal Zimbabwean assets and a US$4mln long term loan, repayable in four years.
Completion of all aspects was dependant on three conditions to be met by April 7. But approval of the assignment of 49.99% of Vast's loan account with Canape by the Reserve Bank of Zimbabwe (RBZ) remains outstanding, it said.
The parties have now have agreed to extend the timeline to April 28 this year to allow time for this approval to be given.