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Vast raises further £1M

Zimbabwe and Romania-focused explorer Vast Resources (AIM:VAST) has raised a further £1 million (US$1.3 million) through a placing to fund work on its projects.
Vast raises further £1M Vast raises further £1M Vast raises further £1M Vast raises further £1M Vast raises further £1M

Moving forward: Vast has raised more than £1.5 million in the past two weeks to fund its projects

Staff reporter

As with the £525,086 raised two weeks ago, the proceeds will be used to build the company's senior management team, fund extended non-productive overhead at Baita Plai and pay outstanding debt to Baita SA.

It placed 188.7 million ordinary shares at a price of 53p per share, with the placing undertaken by its joint broker SVS Securities.

Vast has applied for the shares to start trading on AIM and expects them to start trading on November 8.

After the admission, the company's total issued share capital will be 5.8 million.

The market favoured the fundraising, with shares up 4.46% Friday to 55p per share.