London-based Vast Resources has successfully raised GBP1.8 million ($2.2 million) by placing 933 million shares at 0.195 pence each, a rate which is approximately 22% lower than Thursday’s closing price of 0.25 pence. The funds are earmarked for working capital, addressing the company’s obligations in Romania and at a corporate level, and addressing unexpected operational expenses at the Baita Plai polymetallic mine in Romania following recent protests. Additionally, the capital will support expansion costs, ongoing drilling programmes, and mine development. The company has commenced commercial production of lead-zinc concentrate at the mine. Vast Resources has also stated that they do not anticipate any further equity funding needs in the near future.
Vast Resources Secures GBP1.8 Million Funding for Romania Mining Operations
