22nd Feb 2019 09:04
LONDON (Alliance News) - Miner Vast Resources PLC shares rose Friday as it terminated a funding deal with a New York-based partner.
Shares were 8.1% higher on Friday at a price of 0.18 pence each.
In December, Vast agreed a USD3.2 million bridge facility with Bergen Global Opportunity Fund LP, made up of two tranches.
This was convertible into Vast shares, the company said at the time, and allowed it to carry out work on its Baita Plai polymetallic project in Romania as well as its others in Zimbabwe.
The facility, Vast added, was necessary as it was still waiting for a USD5.5 million tranche of funding from partner Mercuria Energy Trading SA.
Vast last week said this second tranche would not be going ahead.
However, this arrangement has now been cancelled "by mutual consent".
Vast Chair Brian Moritz commented: "Bergen Global Opportunity Fund proved a valuable and flexible funding partner for Vast.
"Bergen was a reliable and responsible corporate citizen at all times during its dealings with Vast, and I wish to thank the team at Bergen for their support."
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