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.
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.
--Adds share price--