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Vast raises funds for project pipeline

Vast Resources (AIM:VAST) has raised £525,086 (US$684,717) through a placing and subscription to help fund its new pipeline of projects, build its senior management team, fund extended non-productive overhead at Baita Plai and pay outstanding debt to Baita SA.
Vast raises funds for project pipeline Vast raises funds for project pipeline Vast raises funds for project pipeline Vast raises funds for project pipeline Vast raises funds for project pipeline

Vast Resources will use the funds on its pipeline of projects, including Manaila in Romania

Staff reporter

The placing and subscription comprised 87.5 million ordinary shares at a price of 0.6p each, with the placing for 70.8 million shares.

Directors Andrew Prelea and Roy Tucker each subscribed equally for the total 16.7 million shares under the subscription, giving them 0.48% (26.8 million shares) and 0.71% (39.9 million shares) in Vast's total issued shared capital, respectively.

Once the shares are admitted to trading on AIM, Vast will have a total issued share capital of 5.6 billion shares. 

Vast's share price fell 1.84% Friday to 0.61p.