10th Aug 2021 11:39
Vast Resources PLC - mining and mine development in Romania and Zimbabwe - Raises GBP1.8 million through placing and subscription of 28.0 million shares at a price of 8.3 pence each. Cash will be used to pay a USD1 million advance to Atlas Special Opportunities LCC, after both parties signed an agreement to restructure the tranche one bonds issued to Atlas at the end of January into a non-equity linked loan. The new loan will be a senior secured loan with a fixed price premium with the repayment postponed to June 30, 2022.
Funds also will be used to bridge mining and operational costs at the Baita Plai polymetallic mine in Romania, and go towards seed capital required for near-term production pipeline projects in Romania and southern Africa. Concerning Baita Plai, Vast Resources expects the Aramine drill dig to be delivered to the fourth quarter of 2021. Looking ahead, the mine's management has been restructured, to prepare Baita Plai's movement into full steady state production as access to three new production faces is completed in August.
Current stock price: 6.92 pence, down 4.0% on Tuesday
Year-to-date change: down 47%
By Dayo Laniyan; [email protected]
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