Vast Resources PLC (LON:VAST) said it has raised £600,000 in a share placing to maintain working capital ahead of the anticipated conclusion of its Chiadzwa Community Diamond Concession joint venture in Zimbabwe.
The AIM-listed firm said it raised the funds through a placing of around 392.1mln shares at a price of 0.153p each, a 10% discount to its closing price on Wednesday.
READ: Vast Resources says community joint venture agreement at Chiadzwa diamond project will be delayed
Meanwhile, Vast also reconfirmed that equipment shipping from China remained on track and all equipment critical for the start of production at its Baita Plai project in Romania was now on the water.
Production at Baita Plai remains on track to begin within the existing six-month timeline, the company said, adding that a drilling programme at the site announced on March 10 was also progressing according to plan, and a proportion of the funds raised in the placing will be used to purchase additional drilling equipment to make the process more cost and time-efficient.
Shares in Vast Resources were 0.6% lower at 0.16p in early afternoon trading on Thursday.