(Alliance News) - Vast Resources PLC on Friday said it raised money through a share issue and reported operational breakeven for the Baita Plai polymetallic mine in Romania.
The London-based mining company with projects in Romania and Zimbabwe said it raised GBP1.7 million through a placing of 486.0 million shares at 0.35 pence each, which it will use for working capital and meeting current corporate obligations.
Vast Resources shares fell 9.3% to 0.37 pence each on Friday morning in London.
Further, the company said that it reached operational breakeven at its Baita Plai polymetallic mine in Romania. It added that name plate capacity is anticipated to be met in the third quarter of 2023, rather than in the first half of the year.
By Tom Budszus, Alliance News reporter
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Vast Res (VAST)