Vast Resources PLC (LON:VAST) said its open offer to raise up to £1.23mln, announced on November 24 to facilitate the “continued optimisation and expansion of the Company's Romanian interests” whilst it finalises non-dilutionary off-take financing, was 34.5% oversubscribed.
The AIM listed mining company, with operations in Romania and Zimbabwe, said valid acceptances for the open offer were received in respect of 315,085,385 new ordinary shares, representing 134.5% per cent. of the maximum number of ordinary shares available.
READ: Vast Resources raises funds through share placement and open offer as it seeks offtake financing
Vast was looking to raise the £1.23mln by issuing 238.1mln open offer shares at 0.525p apiece – the same price as a placing launched the previous week to raise £1mln.
The funds raised will be used towards an estimated strategic financing requirement for its operations of US$10mln.
Roy Pitchford, chief executive of Vast Resources, commented: "I believe that the level of support that we have received, both from our existing shareholders in this Open Offer, coupled with the injection of capital from new investors in the recent placing, speaks volumes for the general excitement surrounding the Vast investment proposition.”
He added: “We offer shareholders compelling long term prospects across numerous projects, commodities and two highly prospective and attractive jurisdictions, all set against a backdrop of improving appetite for metal and mineral exploitation and development."