logo-loader

Vast Resources raises £860k to fund due diligence of Marange Diamond Fields in Zimbabwe

Published: 04:34 29 Aug 2018 EDT

pound coins
Vast raised £1.25mln back at the end of June

AIM-listed miner Vast Resources PLC (LON:VAST) has raised £863,750 through a subscription.

Investors subscribed for 133.9mln shares at 0.645p each – a small discount to Tuesday’s closing price.

READ: Vast raises £1.25mln to fund work at Baita Plai and Manaila

Alongside the £1.25mln raised at the end of June, today’s cash injection will be used to help fund the development of its Baita Plai mine in Romania and Manaila Zimbabwe.

Some of the money will also be directed towards the Marange Diamond Fields in Zimbabwe, where it is set to being its due diligence shortly ahead of a possible joint venture deal with Red Mercury.

READ: Vast agrees JV terms with Red Mercury

“The opportunity which Vast has been offered in the Marange Diamond Fields in Zimbabwe is exceptional and the board has established the absolute priority to begin due diligence works on the ground as quickly as practicable,” said chief executive Andrew Prelea.

“I am delighted to report that we have received significant support for this strategy to expedite work at Marange, resulting in today's subscription for new shares which will deliver over US$1.1mln to Vast - allowing us to commence work on this new concession and also provide funding for certain other interests in our portfolio.”

As for the US$5.5mln Trance B offtake facility provided by Mercuria, an “additional administrative issue” means Vast won’t be able to draw down on that until late September.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

3 hours, 17 minutes ago