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Vast Resources raises £600,000 in placing to fund Baita Plai and Heritage projects

The mining firm said it had raised the funds through a placing of around 444mln shares at a price of 0.135p each, a 10% discount to its last close price of 0.15p
Money pot
The funds would be split equally between the Baita Plai and Heritage projects, with £300,000 used for each

Vast Resources PLC (LON:VAST) has raised £600,000 in a share placing to help fund its operations at the Baita Plai metal mine in Romania and the Heritage diamond mine in Zimbabwe.

The mining firm said on Friday that it had raised the funds through a placing of around 444mln shares at a price of 0.135p each, a 10% discount to its last close price of 0.15p.

WATCH: Vast Resources restructure sees it complete on sale of Zimbabwe gold assets

The funds would be split equally between the Baita Plai and Heritage projects, with £300,000 used to maintain operations at the Romanian mine while the rest would be used as working capital at Heritage when a joint venture agreement was signed for the site with the Chiadzwa Community Trust.

The share placing follows news on Thursday that Vast was expecting non-binding investment agreements from financial institutions for loan finance to bring Baita Plai into production.

The group also said that it was in “advanced discussions” with a potential cornerstone equity investor who had now expressed a “definite interest” to proceed in principle.

In early trading on Friday, Vast shares were 6.5% lower at 0.14p.

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