Aim-listed Vast Resources has raised in aggregate £901 416.66 through a placing and a subscription of ordinary shares in the company.
The placing was undertaken by the company’s joint broker Axis Capital Markets.
The cash raised from the placing and subscription will be applied to provide immediate funding of the costs of accelerating and expanding the company’s drilling and metallurgical test work process at the Baita Plai polymetallic project in Romania, and for general working capital.
Application has been made to Aim for the placing and subscription shares to be admitted to trading in two tranches.
The placing and subscription is conditional on admission.
“As a consequence of the recently released metallurgical test results, the board and management felt that it was prudent to accelerate further test work and reports on the Baita Plai project to enhance its value for the refinancing opportunity.
With the newly commissioned reports, expanded drilling and accelerated test work, the intention is to achieve a greater asset value to shareholders, in turn, providing better long-term shareholder value,” comments Vast CEO Andrew Prelea.