CAPITAL MARKETS

Vast raises £600,000 for project development

Vast Resources has raised £600,000 (US$784,737) before costs through a placing and subscription, with half to be used to fund the Baita Plai polymetallic mine in Romania and the other half for the exploration and mining of diamonds at the Heritage Concession in Zimbabwe.

Staff reporter
Vast has raised funds for the second time this year

Vast has raised funds for the second time this year

The placing and subscription involved a total 444.4 million ordinary shares at a price of 0.135p each, with 407.4 million as part of the placing.

Of the 37 million shares in the subscription, 7.4 million were taken up by CEO Andrew Prelea and 29.6 million by director Roy Tucker, bringing their shareholding in the company up to 0.49% and 0.88%, respectively.

Vast (AIM:VAST) has applied for the shares to be admitted to trading on AIM, with trading expected to start on or around April 17. 

Following the admission, Vast's total issued share capital will be 7.9 billion shares. 

Vast's shares dropped 7.35% on the news to 0.14p. The company's shares have lost halved in value since the start of the year.

Vast previously raised £896,000 in February to pay off a December loan and keep the business running while it looked for long-term project financing options after backer Mercuria Energy Trading pulled out of a financing worth US$5.5 million in January.

Earlier this week, Vast decided to dispose of its 25.01% interest in the Pickstone Peerless and Eureka mines in Zimbabwe to focus on the Heritage Concession and Baita Plai.

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.