Vast Resources PLC (LON:VAST) has reassured investors over a delay to official clearance of the strategic investment by SSCG Africa (SSA).
The cash injection by SSCG Africa was announced at the end of January and was dependent, among other things, on official approval by the Reserve Bank of Zimbabwe (RBZ) of the assignment of 49.99% of Vast’s loan account with Canape.
As is often the way of these things, it is taking longer to receive the approval that many shareholders would prefer but Vast says it has been assured that the necessary approval will be forthcoming.
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In view of the fact that final approval of the assignment relating to the loan account with Canape is not yet forthcoming, a formal extension to 2 June 2017 has been agreed by all parties.
"We remain extremely confident that the transaction with SSA will be successfully concluded in the near term. Although this process has been subject to frustrating administrative delays, SSA has reconfirmed its intent to finalise the transaction and remains wholly supportive of Vast,” said Roy Pitchford, chief executive officer of Vast.