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Vast Resources up as says considering new funding options thanks to Romania successes

Vast has been presented with a number of potential non-dilutionary financing options and it is now in talks with metal traders and debt providers.
us dollars
The group's funding need in Romania has reduced by up to 50%

Vast Resources PLC (LON:VAST) saw its shares gain over 10% today told investors that recent successes in Romania has led to possible options for non-dilutionary financing.

The company said it has been presented with a number of potential financing options that will not dilute shareholdings and it is now in talks with metal traders and debt providers.

READ: Vast Resources says drilling results at Carlibaba prospect confirm suitability as second open pit mine

Additionally, thanks to positive results from drilling and development, the company is also seeing the possibility of significant cost savings at the Manaila mine, with up to 25% of savings in production costs by eliminating certain requirements for ore transport.

Together, these possibilities could mean that Vast won’t need to rely as much on the previously announced US$10mln strategic financing, with the requirement seen reduced by as much as 50%.

READ: Vast Resources has “enjoyed constructive discussions” over possible US$10mln funding

“This would grant management the opportunity to reconsider the current financing proposals to the company and retain a greater proportion of the group's assets in Romania,” Vast said.

In afternoon trading, Vast Resources shares were up 10.9%, or 0.04p at 0.36p.

 -- Adds share price --

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