Vast Resources raises £900,000 to start pre-production work in Romania
As efforts to conclude a larger financing continue, Vast will be able to cover certain pre-production spending to cut lead times to the Baita Plai project start
Company
LON:VAST
Vast Resources plc is an AIM-quoted mining and exploration company dedicated to the discovery, development, and production of precious and base metals. The company has a long-standing presence on the ground in both Romania and in Zimbabwe.
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As efforts to conclude a larger financing continue, Vast will be able to cover certain pre-production spending to cut lead times to the Baita Plai project start
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The FTSE 100 closed 32.86 points higher at 7,218.16 on Thursday, just easing off its late afternoon high of 7,235
It is working to upgrade and advance the assets in Romania.
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Andrew Prelea, Vast’s chief executive said "management has been working hard to enable the Company to react as quickly as possible now that we have the possibility to obtain more traditional lending”
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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
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"Equities have been relentlessly positive all day, with the session having started off on the front foot thanks to Chinese credit growth, which rose 10.7% over the year to hit a sum equivalent to 9% of the country’s GDP," said Chris Beaucha
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The mining firm said it was expecting term sheets from financial institutions for loan finance to bring its Baita Plai metal mine in Romania into production, as well as being in “advanced discussions” with a potential cornerstone equity inv
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