Proactive Investors - Run By Investors For Investors

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.

READ: Vast Resources surges after update on financing discussions

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--

View full VAST profile View Profile

Vast Resources PLC Timeline

Related Articles

1548107930_757z468_1547086607_strick.JPG
January 21 2019
The company hopes to establish a nickel development on Cathedrals Belt, an exploration area it majority owns.
1544472364_oil-worker-silhoette.jpg
December 10 2018
MGX is focused on mining, water (including mineral extraction from brines, eg, lithium) and battery mass storage
The Toral project
October 31 2018
Since June, the company has achieved an increase in the Toral project's inferred resource estimate, completion of the Phase 1 RC drilling programme and commencement of a Phase 2 diamond infill drill programme, a successful re-logging exercise of historic core to provide valuable additional data and sustained progress on the preparation of the initial scoping study

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use