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(Alliance News) - Vast Resources PLC on Thursday said it has submitted a drawdown request for the first tranche of its funding facility to Atlas Capital Markets Ltd.
Shares in Vast Resources were down 5.7% at 0.23 pence in London shortly after midday.
The AIM-listed miner submitted the request under its binding conditional bond issue deed for up to USD15 million with with UK-based fund Atlas Capital.
The bonds are to be issued in four tranches of USD7.1 million, USD4.5 million, USD2.1 million, and USD1.4 million based on Vast's cashflow requirements. The money is intended to fully fund Vast's quest to reach production as the Baita Plai polymetallic mine in Romania and at the Chiadzwa Community diamond concession in Zimbabwe.
By Anna Farley; annafarley@alliancenews.com
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