It gained exclusive access to the concession last week and plans to carry out initial due diligence for at least two months to determine the value of entering into a joint venture for exploration, mining and marketing.
The subscription funds will also be used as working capital to provide funding for other interests in the company's portfolio.
The subscription included 133.9 million ordinary shares at 0.645p per each, which was the opening mid-market price on August 28.
The shares are expected to be admitted for trading on AIM on September 4, with Vasts's total issued share capital thereafter to comprise of 5.5 billion shares.
In June, the company estimated it would need to raise an additional $2.25 million through equity finance, with around $1.44 raised by a placing at the end of June.
Vasts's shares dropped 6.06% Wednesday to 0.62p.