IN BRIEF: Vast Resources says no need for new equity raise to pay debt
Vast Resources PLC - copper and polymetallic miner in Romania, Tajikistan, and Zimbabwe. - Vast says it has "no current intention" to conduct an equity raise to satisfy a debt repayment due on December 31. The comment comes as part of response by Vast to questions from shareholders to the company and posted on investor foruwhichms. Vast Resources had USD12.0 million in debt as of its most recent financial year-end on April 30. One of its lenders started a process to enforce the security given to it by a Vast shareholder. Back in October, Vast raised GBP2.0 million from the placing of 1.11 billion shares at 0.18p. The fresh equity was used to repay USD1 million in debt, as well as for work to resuming operations at the Baita Plai mine and reopening the Manaila mine, both in Romania. On Tuesday, it says that, "assuming the right sales conditions", the proceeds from the sale of a diamond parcel alone will be sufficient to repay its outstanding debt. Otherwise, it will draw upon "alternative funding measures", though not an equity placing. The parcel includes 126,677 carats of stones. Read More