Vast Resources plc has concluded an agreement that will see a US family office invest £5 million in the company to enable it to progress its Romanian projects.
Vast has issued 156.25 million new share units (including 156.25 million warrants) at a price of GBp0.8 per share to the investor for the first tranche of £1.25 million. Following this first investment the investor, Crede Capital, will hold a 8.6% interest in Vast.
The other 3 tranches will follow at 90-day intervals.
According to Chief Executive Officer, Roy Pitchford, the funding from Crede Capital will facilitate increasing production at Manaila, the potential increase in open cut ore resources, the re-commissioning of Baita Plai and its eventual expansion, and funding for new projects.
Vast is currently operating the Manaila polymetallic mine at a rate of 120 kt/y, half the installed capacity. With an increase in production, Manaila will produce separate copper and zinc concentrates, both at better grades and quality.
Vast secures £5 million equity funding: VAST