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Vast announces new general meeting to address funding issues

Vast believes it has two assets that could transform the prospects of the company, at Baita Plai and at Marange in Zimbabwe

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Vast has acquired rights to a new diamond concession in Zimbabwe

Vast Resources PLC (LON:VAST) has sent out a letter to shareholders following what it calls the “non-receipt” of US$5.5mln in financing that it had been expecting from erstwhile backer Mercuria B.

The letter outlines details of a general meeting to be held on 11 March, at which Vast will request its shareholders to grant it the authority to issue new equity and to disapply pre-emption rights.

WATCH: Vast announces new general meeting to address headroom chatter

A consequence of the recent substantial fall in the company’s share price, following the non-receipt of funds, there has been a reduction in the cash value of the authorities granted at the last general meeting, held in January.

In addition, Vast has been was obliged to negotiate new terms with Sub-Sahara Goldia Investments in relation to a US$3.4mln debt.

Funding from Bergen Global Opportunity Fund has also lapsed.

However Vast remains of the opinion that it holds two “growth opportunity pivotal assets” in the Baita Plai polymetallic mine in Romania and in the now confirmed rights to the Heritage Diamond Concession in Zimbabwe.

The company is currently capitalised at just over £12mln.

 

Quick facts: Vast Resources PLC

Price: 0.2075 GBX

AIM:VAST
Market: AIM
Market Cap: £25.37 m
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