https://www.engineeringnews.co.za

Vast raises cash for pre-production activities at Baita Plai

30th May 2019

By: Creamer Media Reporter

     

Font size: - +

Aim-listed mining company Vast Resources has raised in aggregate £900 000 before costs through a placing of shares at 0.116p each.

The cash raised from the placing should be sufficient to meet all the company’s financing needs in connection with its activities in Romania and general working capital until drawdown of a $10-million loan, the operator of the Baita Plai polymetallic mine reported on Thursday.

The company last month announced that it had received a draft term sheet from a Swiss bank for loan finance of up to $10 million. This is to be applied in connection with the company’s Romanian projects, including full repayment of the $4-million plus accrued interest to Mercuria. 

“While due diligence on the provision of the Swiss bank loan finance and/or any equivalent progresses, the company plans to incur some of the necessary pre-production expenditure for Baita Plai in advance of the receipt of the loan finance. This will significantly reduce the lead time up to commencement of production.”
 
The pre-production expenditure will include the start of the installation of a 7 km tailings pipe to the tailings dam and the installation of a new and independent electricity supply at Baita Plai.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Axiom Hydraulics
Axiom Hydraulics

Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.056 0.891s - 140pq - 2rq
Subscribe Now