(Alliance News) - Vast Resources PLC said Thursday it has raised GBP655,000 through a placing and subscription, which will go towards strategic operational requirements in Zimbabwe.
Vast Resources issued 595.5 million shares at a price of 0.11 pence per share. The subscription was undertaken by a new institutional investor, who will also be issued 34.0 million warrants.
Half of the warrants can be subscribed at an exercise price of 0.13 pence per share and the other half of 0.15p per share. All warrants will expire on August 8, 2022.
Shares in the Romania and Zimbabwe-focused mining firm were down 2.0% at 0.12 pence on Thursday.
Vast said it continues to progress its financing discussions and maintains its production targets by the end of 2019.
Following this share issue, Vast Resources now has 9.32 billion shares issued overall.
Vast Res (VAST)