The miner announced on Tuesday that it has raised £1.8mln through the subscription of 902mln shares at a price of 0.2p each, carried out by an unnamed asset manager specialising in natural resources.
Vast also said it now expects to sign a US$13.5mln (£10.9mln) finance facility by the end of the week, getting the ball rolling for its mines in Zimbabwe and Romania.
“It means that we aren’t coming back to the market for any more money due to the fact that we are fully financed to move forward on the two projects,” chief executive Andrew Pelea told Proactive.
In Romania, Vast is recommissioning the Baita Plai polymetallic mine, and in Zimbabwe, where it is part of a joint venture with the Chiadzwa Community and state-owned Zimbabwe Consolidated Diamond Company (ZCDC) for a diamond project.
The Baita Plai mine is set to begin production by Christmas, while the Zimbabwe development will be mobilised as soon as the finance facility contract is inked.
“The company is now in the healthiest position it has ever been in,” Pelea added.
Shares were up 2.28% to 0.29p in the early afternoon.