We have the cash for BP - RNS20 Dec 2018 07:03
Vast Resources plc, the AIM listed mining company with operations in Romania and Zimbabwe, is pleased to announce that it has entered into a US$3,000,000 bridge facility (the “Facility”) with the Bergen Global Opportunity Fund, LP (the “Funder”). The Facility will consist of two funding tranches, each of which will not be convertible into shares of the Company (the “Shares”) for the initial 30 days from the date of their respective advance; the initial advance will be provided on issue of each Convertible Security, as further detailed below. This facility has become necessary due to the continued delay, but still expected receipt, of the previously announced US$5,500,000 Tranche B of the Mercuria Prepayment facility.
Highlights:
A total of up to US$3,150,000 in zero coupon convertible securities in two equal tranches allows Vast to fund further working capital including for the Baita Plai Polymetallic Mine and other leading projects.
This funding allows these projects to commence immediately prior to the receipt of the anticipated US$5,500,000 of Tranche B Mercuria funding which has been delayed due to local administrative reasons but is now expected early in the New Year.
Funding provided by New York based fund, Bergen Global Opportunity Fund, LP, an institutional investor.
Company may elect to repay each tranche in full within 90 days of execution date, subject to prior conversion rights which arise after an initial period of 30 days from the date of each advance.
Staged funding potentially minimises dilution to existing shareholders.
No warrants attached to the funding.
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