Vast Resources PLC (VAST) has raised £750,000 gross through a placing of 750 million shares at 0.1p per share.
That price represents a 19.3% discount to the five-day volume-weighted average price. The placing was undertaken by Vast’s joint broker, Axis Capital Markets Ltd.
The money raised from the placing will be used to maintain the business to comply with the reorganisation plan at Baita Plai and to have sufficient funds available to allow the company to maintain its corporate obligations while it awaits the proceeds from concentrate deliveries and incoming funds from the delivery of the product from the former Hanes gold mine in Romania
Recently, Vast has been in negotiations with lenders for deferral of repayment.
View from Vox
A sparse announcement from Vast, but a necessary step forward as the company waits on cashflow from Hanes, and continues to progress with work at Baita Plai, Manaila and Takob.