Vast secures $10m in funding for Romanian projects
JOHANNESBURG (miningweekly.com) – Aim-listed Vast Resources has entered into a conditional heads of terms relating to a proposed investment of up to $10-million in Vast by a corporate finance and investment firm in Romania.
The proposed investment will be made in two stages, with $8-million to be paid at stage one and $2-million at stage two.
Stage one is a direct subscription by the investor for new shares in Vast Resources Romania (VRR), which will hold all Vast's Romanian assets.
The investor will hold 51% of VRR.
Stage two will result in the subscription by the investor for a nominal number of further shares in VRR followed immediately by the acquisition of the investor's entire holding in VRR by Vast for the issue of ordinary shares in Vast at 0.4p a share. The investor will then hold an estimated 29% of the enlarged share capital of Vast.
“The proposed investment by a strategic investor of up to $10-million should enable us to execute our strategic objectives in Romania," CEO Roy Pitchford said in a statement.
The funds raised must be used for the company's capital expenditure and working capital requirements, mostly for the expansion of the Romanian operations.
However, subject to the completion of stage two, some funds may be allocated to cover costs in connection with the possible demerger of Vast’s Zimbabwean assets.
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