The miner's key project is the Baita Plai underground polymetallic mine in Romania, and it is also putting money into a Marange diamond fields joint venture in Zimbabwe.

The bridging loan from Bergen Global Opportunity Fund came after an expected $5.5 million prepayment package was delayed in late 2018.

Mercuria Energy Trading finally cancelled the financing in January, sending Vast into a funding crisis.

An already-planned shareholder meeting on January 31 raised its equity financing ceiling and the company raised $1.15 million from existing shareholders and expanded its issued shares by 10%.

Chairman Brian Moritz said Bergen had come in at a critical time for the company.

"Bergen was a reliable and responsible corporate citizen at all times during its dealings with Vast, and I wish to thank the team at Bergen for their support," he said.

Investors liked the refusal of another loan, pushing Vast's shares up over 7% to 0.18p (US0.23c).

Vast is down 35% since the start of 2019.

The company has said an offtake deal or a new cornerstone investor could give long-term funding certainty.