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(Sharecast News) - Mining company Vast Resources has raised gross proceeds £1.35m gross through a placing, it announced on Thursday, to cover a shortfall in working capital.
The AIM-traded firm said the funds were raised via the placing of 54 million ordinary shares at a price of 2.5p each.
It said the placing was undertaken by its joint broker, Axis Capital Markets.
"The net cash raised from the placing will cover the shortfall in working capital [as] set out in the company's announcement on 25 October, and for contingencies," the board said in its statement.
"The company would like to confirm it will be making its next sale of concentrate to its offtake partner in early November.
"Production and sales continue in line with revised internal forecasts announced on 25 October."
Vast Resources also announced that Andrew Prelea and Roy Tucker, directors of the company, had agreed to extend the lock-up period in relation to the 15,000,019 and 2,250,057 ordinary shares respectively held by them by a further year, until 30 November 2022.
At 1116 BST, shares in Vast Resources were down 24.73% at 2.9p.
17 Oct 2022 16:04
UK shareholder meetings calendar - next 7 days
| Tuesday 18 October | |
| Accrol Group Holdings PLC | AGM |
| Diverse Income Trust | AGM |
| Dolphin Capital Investors Ltd | AGM |
| Pantheon International PLC | AGM |
| Tlou Energy Ltd | AGM |
| Wednesday 19 October | |
| Empyrean Energy PLC | GM annual report approval |
| Frasers Group PLC | AGM |
| Hargreaves Lansdown PLC | AGM |
| HydrogenOne Capital Growth PLC | GM share issuance programme |
| Made Tech Group PLC | AGM |
| SME Credit Realisation Fund Ltd | AGM |
| Thursday 20 October | |
| abrdn UK Smaller Companies Growth Trust PLC | AGM |
| Argo Group Ltd | AGM |
| Dechra Pharmaceuticals PLC | AGM |
| DX Group PLC | GM re 2021 financial year annual report |
| Gateley Holdings PLC | AGM |
| Science in Sport PLC | GM |
| Xeros Technology Group PLC | GM capital reorganisation |
| Friday 21 October | |
| Diurnal Group PLC | GM re Neurocrine takeover |
| Trafalgar Property Group PLC | AGM |
| Monday 24 October | |
| Fintech Asia Ltd | AGM |
| Rural Broadband Solutions PLC | EGM investment from Tiger Infrastructure Partners Fund and name change |
| Seraphim Space Investment Trust PLC | AGM |
| Vast Resources PLC | GM equity securities allotment |
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