JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources on Friday said that it is still awaiting approval from the Reserve Bank of Zimbabwe (RBZ) for the assignment of 49.99% of its loan account with Canape.
The company noted that the outstanding approval would hamper its financing arrangement with SSCG Africa Holdings, which would provide Vast with $8-million, principally to advance core activities in Romania.
The deal comprised a $4-million payment for the sale of 49.99% of Vast’s principal Zimbabwean assets, as well as a $4-million long-term loan, repayable in four years.
“All efforts are currently being made to achieve such approval as soon as possible,” it stated.
The company added that the full amount of its loan account with Canape had already been approved as an offshore facility by RBZ in May 2015.
The deal has now been extended to April 28, to allow for approvals.