JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources reported on Tuesday that it would not issue new shares to the potential strategic investors that it has been talking to and that any forthcoming investment would be solely at project level.
In an update on its discussions regarding a potential $10-million strategic investment from a Romanian investor, Vast stated that there was no longer any intention to offer a subscription of new shares at 0.4p that would give the investor 29.9% of the enlarged share capital of the company.
The share subscription formed part of the original investment proposal, announced in July.
"... amendments to the original investment proposal will offer shareholders the potential to transform our entire portfolio of mining/development properties in Romania. I remain encouraged that both our strategic investor in Zimbabwe, and our new Romanian-focused investor, support our growth strategies to increase production, optimise operations and enhance the return to shareholders," commented CEO Roy Pitchford.