Published: January 6, 2016 |

[Click image to enlarge]

Vast Resources unveiled a financing deal with investor Crede to raise up to £5mln to advance projects in Romania.

The investment is being done in four tranches equal to £1.25mln - the first of which is being issued today, with around 156mln subscription shares issued to Crede at 0.8p each alongside the issue of the same amount of warrants.

The subscription for the second, third, and fourth tranches is conditional on an investment of £500,000 from the directors and senior executives of Vast.

Vast chief executive Roy Pitchford said: “Securing a long term, cornerstone investor has been a requirement of the company since its transition from a junior explorer to a mine operating company.

“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.

“The development of Manaila and Baita Plai to their respective full capacity will provide Vast with a strong foundation in Romania and enable the company to exploit additional mining opportunities that have already been identified.

“In welcoming Crede Capital to the Vast share register, it is hoped that there will be further investment opportunities available to Crede and existing shareholders as Vast endeavors to build its mining operations in Romania.”

At the end of last year, the miner confirmed Romania was the main focus for Vast for the foreseeable future, where it has the producing Manaila polymetallic mine and the Baita Plai mine, where it aims to restart mining early in 2016.

The firm said it aims to convert resources at Baita Plai to JORC standard and recommission two of the current three ball mills at the site.

It noted that while it earns operational income from Manaila and the Pickstone-Peerless gold mine in Zimbabwe, it would need further funding to bring Baita Plai into production and for further capex required to increase production there.

At Manaila, the firm aims to improve the open cast mine to increase volumes and expand the mining licence area to increase the potential to increase the mine life.

Source: (January 4, 2016) Proactive Investors

About Vast Resources
Vast Resources Plc is a London-listed resource and development company with an impressive portfolio of high-quality assets spanning Europe and Africa.

Leveraging the board and management team’s considerable expertise, Vast has been able to unlock the value of high quality mining assets and successfully transition from a purely explorative into a producing mining company.  The Company has developed a diverse portfolio that already includes two producing mines in Romania and Zimbabwe (1.8Mt Manaila Polymetallic Mine in Romania and Pickstone-Peerless Gold Mine in Zimbabwe containing 3.56 million ounces of gold at 1.8 g/t) and another near-term revenue generative mine in Romania (1.8Mt Baita Plai Polymetallic Mine).  With further down-stream potential growth prospects also identified, Vast is committed to building a diverse, cash generative portfolio.

To stop by Vast’s website, CLICK HERE

Be in-the-know when you’re on-the-go!