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.
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.