Vast Resources Close To Completing Pre-Payment Off-Take With Mercuria

9th Mar 2018 10:54

LONDON (Alliance News) - AIM-listed mining company Vast Resources PLC said on Friday it has made progress with energy and commodities company Mercuria Energy Group in finalising a USD9.5 million pre-payment off-take agreement.

Mercuria has requested a further period of up to two weeks to complete necessary documentation, meaning that the transaction is expected to complete in the next two weeks.

In addition, Vast Resources said it and Mercuria have been in discussions with Sub-Sahara Goldia Investments concerning the USD1.7 million loan now due for repayment to Goldia. Vast has asked for an extension of the loan and awaits confirmation from Goldia.

"We have spent considerable time and resources with the team at Mercuria and we welcome their rigorous diligence and procedures. Whilst acknowledging this modest delay, we appreciate and are more than happy to spend the time to complete the transaction to their satisfaction. A short delay will be more than compensated in the long term by their strategic support," said Chief Executive Officer Andrew Prelea.

Shares in Vast Resources were down 7.3% at 0.570 pence on Friday.

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