Vast draws down on SSA loan
JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources on Friday said it has drawn down $3-million of its $8-million financing arrangement with SSCG Africa Holdings (SSA), despite approval by the Reserve Bank of Zimbabwe (RBZ) still being outstanding.
In January, the parties entered into an $8-million agreement, comprising a $4-million long-term loan and a $4-million payment for 49.99% of Vast’s principal Zimbabwean assets.
The transaction was dependent on the approval of the assignment of 49.99% of Vast's loan account with Canape by April 7, which was later extended to May 19.
However, the company notes that correspondence from and discussions with Canape's bankers in connection with the application for approval by the RBZ indicate that the necessary approval for the assignment will be forthcoming, and all efforts continue to achieve this as soon as possible.
Vast said it continued to work closely with the RBZ to conclude the assignment; however, SSA agreed to advance the final $1-million of the loan to show its continued support.
Vast’s acquisition of a 49.9% interest in the Sinarom Mining Group, valued at $735 000, was due on April 30, as a final instalment for completion of the acquisition – $100 000 of this was paid on April 30 and the drawdown from SSA has been used to fund the balance.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation