UK-based Vast Resources announced recently that it has raised GBP1 million ($1.3 million euro) to develop its polymetallic mines in Romania.
Vast raised the funds from a placing of 190.5 million shares at a price of 0.525 pence each, it said in a press release.
The company also said that it intends to raise a further GBP1.3 million through an open offer of up to 238.1 million shares at the same placing price. Vast added it is also working to finalize long-term financing to ensure that its Baita Plai and Manaila polymetallic mines in Romania reach their production objectives.
In October, Vast announced that it has posted record ore output at the Manaila mine in the third quarter of the year. This result has been unsurpassed since commissioning of the mine by Vast in August 2015.
Also in October, Vast announced that the results of its first phase of drilling at the Manaila mine in Carlibaba perimeter are encouraging and support further development. Results from the first 1,000 m of the total 2,200 m drilling programme confirmed Carlibaba's suitability as a second open pit mine within the Manaila licence area, Vast Resources said at the time.
Vast Resources owns Sinarom Mining Group, the owner of the Manaila polymetallic mine.
In September, the company said it has secured a $1.7 million (1.42 million euro) loan from Sub-Sahara Goldia Investments to progress further in securing rights to extract polymetallic ore at the Baita Plai mine. Vast Resources currently has an 80% interest in the mine, which is located in the Apuseni Mountains, Transylvania region. The area hosts Romania’s largest polymetallic and uranium mines.
Vast Resources, formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds. It also owns a gold mine in Zimbabwe.
Source: SeeNews