21st Jan 2019 11:21
LONDON (Alliance News) - Vast Resources PLC on Monday said it is advanced talks with other off-take partners to replace financing agreed with Mercuria Energy Trading SA, which last week backed out of an agreement with the company.
Vast, a mining company with operating mines in Romania and Zimbabwe, said that some initial due diligence has already been in process by other potential off-take partners, with the company receiving a non-binding indicative term sheet. Others are promised very shortly, Vast added.
"Amicable discussions are in process with Mercuria on the future relationship between Mercuria and the company with regard to off-take from Manaila and the obligations of the company with regard to Tranche A prepayment finance of USD4 million already advanced," Vast said.
On Friday, Vast said it had been informed by Mercuria Energy that it would not proceed with the advance of a USD5.5 million Tranche B financing under the prepayment agreement signed in January 2018 between the companies.
"The directors are urgently pursuing other potential offers of finance and will report on progress as soon as possible," Vast added back then.
Vast shares were trading 0.1% lower at 0.21 pence each on Monday.
Related Shares:
Vast Resources