Vast Resources PLC (LON:VAST) revealed it has received another funding option.
As reported last month, the mining group agreed conditional heads of terms on a US$10mln funding deal with a Romania-focused corporate finance and investment firm.
Now, the firm said that Sub-Sahara Goldia Investments has exercised its right to provide equivalent finance on the same terms and conditions.
READ: Vast Resources inks US$10mln funding deal for Romania project
Sub-Sahara has said it wishes to work with the Investor, using the Investor's expertise in Romania, to develop the Romanian assets, said Vast.
"Sub-Sahara has invited the Investor to meet in order to decide on a mutually beneficial way forward. This meeting is expected to take place shortly," the firm added.
Last month, Vast said the investment would come in two-stages, with the first injection of US$8mln coming through a share subscription in the Vast Resources Romania Ltd (VRR) subsidiary, giving the investor 51% of the unit.
WATCH: Vast Resources seeing an 'upward trend' in Romania & Zimbabwe after difficult Q1
Stage 2, which would see a further US$2mln invested, would essentially involve a switch of equity in the VRR subsidiary for ordinary shares in Vast Resources – it is expected that the investor would at that point own 29% of the company.