Vast Resources PLC (LON:VAST) updated investors on efforts to finance the Blueberry project in Western Romania as the company advances a process with an institutional investor.
The company, which recently acquired 29.41% of Blueberry, said in a statement that the vendors have agreed on an extension to September 15 to allow more time for the procurement of funds. It added that an indicative term sheet has been received by an institutional investor which is now progressing to definitive documentation.
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Additionally, Vast also reported that drill results (detailed in a statement on August 24) have been submitted on schedule to Romania’s National Agency for Mineral Resources.
The company noted that annual drilling results are a key aspect of the final exploration report, due by October 3, required for an exploitation licence over the Blueberry project.
An application for an exploitation licence must be submitted by December 31, to be accompanied by a feasibility study, development plan, environmental impact and rehabilitation study and a social impact assessment.
“I am delighted with both the strong support from Vast Shareholders and with the funding intention of the new institutional investor for this opportunity at Blueberry,” said Andrew Prelea, Vast chief executive.
“I look forward to providing further updates shortly.”