Vast Resources PLC (AIM:VAST) said it has raised £1.46mln from a share placing with the proceeds earmarked to ensure working capital is maintained whilst it advances possible new opportunities.
The company said, in a statement, it is issuing 652mln new shares priced at 0.225p each in the placing arranged by its broker Axis Capital Markets.
It said the new funds will ensure sufficient levels of working capital are maintained to meet the company’s corporate obligations as well as cover certain transaction costs linked to the opportunities it is investigating.
Meanwhile, Vast noted that production at its Baita Plai Polymetallic Mine in Romania has continued to increase, as previously reported on 21 October, and it expects a sale of concentrate will be made this month followed by another in mid-November, as previously reported on 27 October.
Vast said it anticipates that it will have some £1.55mln of cash resources following the placing, and £933,020 of near-term liabilities.
It told investors in a statement that it is “confident it will have sufficient operating cashflow and/or resources and will have access to further funding in the future as required to meet its ongoing liabilities.”
Separately today the company published an investor Q&A as a press release and it published its audited final results statement to its website.