13th Feb 2019 16:05
LONDON (Alliance News) - Vast Resources PLC said Wednesday that it has raised in GBP896,000 in gross proceeds via placing and subscription of 663.7 million shares at 0.135 pence per share.
Shares in the company were trading 4.9% lower at 0.15 pence each Wednesday.
The Romania and Zimbabwe focused miner placed 550 million shares. The subscription was for 113.7 million shares.
The funds raised from the placing and subscription will be applied to repay USD675,000 outstanding on the convertible security issued to Bergen Global Opportunities Fund LP and for general corporate purposes.
Vast Resources on Tuesday said that Bergen Global has elected to pause the funding of tranche 2 pursuant to the USD3.0 million bridge facility for at least 60 days as a result of the company's share price having been less than 0.2 pence for a two day period.
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