LONDON (Alliance News) - Vast Resources PLC on Tuesday said it has retained a specialist natural resources debt advisor to assess its debt capital and help with the structuring of its Swiss Bank loan finance.
Shares in Vast were down 7.8% at 0.13 pence in afternoon trade.
Vast has also engaged with SRK Consulting UK Ltd for scoping studies, preliminary economic assessments and preliminary feasibility studies for its Manaila, Baita Plai, Carlibaba and Carlibaba extension projects in Romania.
The mining company, which has assets in Romania and Zimbabwe, has retained Carlingford - a division of GFI Brokerage Ltd - to assess debt and assist with the Swiss Bank loan.
Swiss Bank itself has provided a draft indicative term sheet for loan finance of up to USD10 million, and due diligence with the bank is in progress.
Moreover, Vast also has an indicative financing term sheet relating to Vast's Heritage concession in Zimbabwe. Further indicative terms sheets for Heritage "are expected shortly".
Vast said the discussions relating to the finalisation of the Heritage concession contract "are progressing well" and Vast is gratified by a recent government policy change to cancel Zimbabwe's indigenisation laws for diamonds
Vast Res (VAST)