Vast Resources Receives Pre-Payment, Signs Off-Take Deal With Mercuria

21st Mar 2018 17:29

LONDON (Alliance News) - Vast Resources PLC said on Wednesday that it secured payment from Mercuria Energy Trading SA under the pre-payment agreement announced on January 25.

The AIM-listed mining company said it received USD4.0 million for the drawdown of Tranche A and is due to get remaining USD5.5 million for the drawdown of Tranche B.

Vast Resources said it will use USD1.7 million to repay the bridging loan from Sub-Sahara Goldia Investments borrowed on September 13.

Following the pre-payment agreement, Vast Resources said it signed an off-take deal with Mercuria Energy for up to 100% of the copper and zinc concentrate produced at the company's Manaila Polymetallic mine and Baita Plai Polymetallic mine in Romania.

The group said the off-take agreement will be effective until April 2022.

Vast Resources shares were trading 2.2% higher at 0.69 pence per share on Wednesday.

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