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(Sharecast News) - Mining company Vast Resources has submitted a drawdown request for the first tranche Issuance to Atlas Capital Markets, it announced on Thursday, in accordance with the terms and conditions of the bond issuance deed.
The AIM-traded firm had announced the signing of documents for a $15m facility, or $13m net, through the issue of secured convertible bonds to the UK-based Atlas Capital Markets on 24 October.
At the time, the Vast board said it believed the facility with Atlas offered full funding to reach production at its Baita Plai Polymetallic Mine in Romania, and at the Chiadzwa Community Diamond concession in Zimbabwe, and subsequently to generate positive cash flow for the firm.
"This facility does not affect the company's continuing process with the Swiss bank or other funders, and the company's intention is to continue its efforts in securing a long-term financing facility for Baita Plai and its other Romanian assets."
It said the first tranche was for a par amount of $7.1m in bonds.
At 1608 GMT, shares in Vast Resources were down 6.98% at 0.23p.
13 Mar 2024 14:23
IN BRIEF: Vast inks offtake deal with Trafigura for Baita Plai copper
Vast Resources PLC - Mining company with operations in Central Asia, Eastern Europe and Africa - Signs new exclusive offtake agreement with Trafigura Group Pte for copper concentrate produced at its Baita Plai mine in Transylvania. Trafigura is a Singapore-headquartered commodity trading company focused on base metals and energy commodities. The pair previously signed an offtake agreement for Vast's Takob mine in Tajikistan. The latest deal will be in place until June 2025. Vast says that copper concentrate production has been ramping up at Baita Plai, increasing 24% between the fourth quarter of 2022 and 2023, and that recent refurbishments will result in an improvement to the grade of concentrate produced at the mine.
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