Recently, Vast Resources PLC, an AIM-listed mining company with mines in Romania and Zimbabwe, announced that it had raised £600,000 through the placing of ordinary shares. 392,156,863 ordinary shares valuing 0.1p each were placed at 0.153p per Ordinary Share.
The company also gladly announced that it had appointed Axis Capital Markets Limited, which had undertaken the placing, as a joint broker.
Vast Resources further revealed that the cash raised from the Placing would be used to maintain the Company’s working capital in the light of the anticipated conclusion of the Chiadzwa Community Diamond Concession joint venture in Zimbabwe (Chiadzwa JV’) and potential increased mobilisation and other costs due to the impact of the Covid-19 pandemic. It remained confident that the Chiadzwa JV would be concluded shortly.
The Company reconfirmed that the shipping of equipment from China as announced previously remained on track and that all the equipment critical for the start of production at Baita Plai was in place. It also confirmed that the drilling programme at Baita Plai announced on 10 March 2020 was progressing according to plan, and a proportion of the capital raised would be used to purchase additional drilling equipment to make the process both more cost- and time-efficient while it looked to enhance the JORC (Joint Ore Reserves Committee) resource.
Vast Resources PLC is focused on the rapid advancement of high-quality brownfield projects by recommencing production at formerly active mines in Romania and the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.
The Company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania where work is now currently underway towards developing and recommissioning the mine and the Community Concession Block in Chiadzwa, Zimbabwe.
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This blog post is written by Bob Roberts, Director at Clear Capital Markets, Fully RDR Compliant (Level 6 / Valid SPS), FSA CF30 Registered, CISI Level 6 Certificate in Private Client Investment Advice & Management (PCIAM), CISI Level 4 Investment, Risk and Taxation (Part of the IAD), CISI Level 3 Certificate in Investments (Derivatives), Unit 1: FSA Financial Regulation (2010),Unit 3 Derivatives (2011)
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