Vast Resources PLC (LON:VAST) confirmed that it has raised another £109,800 in a subscription on top of the £1.49mln placing completed earlier in the week.
The proceeds of the fundraising, of which both parts were priced at 0.18p per share, are being used to settle Vast’s liability to Atlas Capital Markets and provide funding for the first month’s production at the Baita Plai polymetallic mine.
Funding for the mine is needed until first sale of concentrate, which is expected in late August.
Settlement of the liability to Atlas Capital Markets will take place at the end of July or during August 2020, should Atlas decide to exercise its conversion rights prior to the company finalising the refinancing announced on 15 May 2020.