Vast Resources PLC (LON:VAST) shares gained as the firm updated on its funding process, telling investors that it has “recently enjoyed constructive discussions” with investors.
A number of key points have now been agreed with the investors.
Specifically, the company detailed that any forthcoming investment will now be solely at project level, and a previously suggested equity subscription that would have given the investors a 29.9% stake in the company is no longer envisaged.
"We have enjoyed some very constructive meetings between both strategic investors and these amendments to the original investment proposal will offer shareholders the potential to transform our entire portfolio of mining/development properties in Romania,” said Roy Pitchford.
“I remain encouraged that both our strategic investor in Zimbabwe, and our new Romanian-focussed investor, support our growth strategies to increase production, optimise operations and enhance the return to shareholders."
In late afternoon trading, Vast Resources shares were 8%, or 0.03p higher at 0.40p.
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