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(Sharecast News) - Vast Resources announced the raising of £0.42m on Tuesday, to support its planned increase in mining volumes at the Baita Plai Polymetallic Mine.
The AIM-traded firm said the funds were raised through a subscription, by existing individual shareholders, of 50 million shares at a price of 0.84p each - a 60% premium to the closing price on 11 April.
As consideration for that premium strike price, the company said it would, when it has sufficient headroom available, issue the investors with 160 million warrants to subscribe for new shares at a price of 0.525p each - the closing mid-market price on 11 April - at any time before 28 April 2023.
The combination of the issued shares and warrants represented a 14.29% premium to the closing price on 11 April.
Vast said the funds would be used to acquire additional mechanised equipment to support the increasing mining volumes planned at Baita Plai.
Consistent underground production had been achieved over the past three months at Baita, with copper concentrate sales continuing with regular deliveries being made to the company's offtake partner.
High-grade ore had been accessed on sub-level 2, supporting an increase in the level of concentrate production moving forward.
Vast said long hole stoping operations would commence by June, which was expected to further increase volume and grade to the operation.
A molybdenum flotation circuit was expected to be operational in the second quarter, meanwhile, which would provide a further revenue stream to the company.
Continued progress on refinancing arrangements was also reported, with definitive legal documentation being advanced with the previously-announced Swiss investment banking and asset management boutique.
"The developments at Baita over the past three months have been very encouraging and we believe that we have achieved an operational turnaround to support the levels of production that we have been anticipating," said chief executive officer Andrew Prelea.
"I would like to thank our new and existing shareholders for their support and I look forward to providing further updates from Baita Plai over the coming weeks."
At 1133 BST, shares in Vast Resources were down 3.2% at 0.51p.
