LONDON (Alliance News) - Vast Resources PLC said Thursday it has raised GBP900,000 through a placing, the proceeds will go towards progressing work at the Baita Plai polymetallic mine in Romania and general working capital purposes.
Vast Resources issued 775.9 million shares at a price of 0.116 pence per share, in a placing undertaken by joint broker SVS Securities PLC.
Shares in the miner were 8.9% lower at 0.11 pence on Thursday, giving it a market capitalisation of GBP9.2 million.
Vast is looking to use the proceeds from the placing to incur some of the needed pre-production expenditure for Baita Plai in order to reduce the lead time up to the start of production.
The expenditure includes the start of the installation of a seven-kilometre tailings pipe to the tailings dam, as well as the installation of a new, independent electricity supply at the Baita Plai project.
There also is the cost of the independent report from SRK Consulting UK Ltd for its Romanian projects.
Following the new share issue, Vast Resources now has 8.72 billion shares issued overall.
Vast Res (VAST)