Vast Resources PLC (LON:VAST) has recommended that shareholders approve a possible equity funding as it set the date for a general meeting, to be held on June 25 in London.
The mining investor, in a letter to shareholders, said that it has identified an additional funding requirement of US$2.18mln – which would fund additional dewatering at the Baita Plai mine, pay for equipment at the Manaila mine and provide seed capital for new projects.
WATCH: Vast Resources seeks 'preemptive' shareholder permission to issue new equity
At the upcoming meeting, it is seeking permission from shareholders to issue additional equity share capital in order to raise funds.
“The directors believe that the ability to obtain the necessary finance and therefore the passing of the resolutions is important to the company and shareholders taken as a whole,” Vast said in a statement.
“The directors unanimously recommend the shareholders to vote in favour of the resolutions as they intend to do in respect of their own shareholdings.”