Vast Resources Continues Talks For Replacement Offtake Finance

LONDON (Alliance News) - Vast Resources PLC said Tuesday that discussions with other off-take ...

Alliance News 12 February, 2019 | 2:22PM
Email Form

LONDON (Alliance News) - Vast Resources PLC said Tuesday that discussions with other off-take partners to replace financing agreed with Mercuria Energy Trading SA are continuing.

Vast, a mining company with operating mines in Romania and Zimbabwe, said it is in talks with potential investors regarding two areas, the replacement of offtake finance to bring Baita Plai into production and provide other working capital for the group.

Furthermore, the firm is advancing discussions with a potential "cornerstone" investor to cover the expenditure required to bring the proposed Zimbabwe diamond project into production.

"It should be stressed that all these finance discussions remain at the diligence stage and are dependent upon the signing and completion of legal agreements in the normal course of business," the company said.

Vast also announced that Bergen Global Opportunities Fund LP have elected to pause the funding of tranche 2 pursuant to the USD3.0 million bridge facility for at least 60 days as a result of the company's share price having been less than 0.2 pence for a two day period during the period prior to today.

Vast Resources shares were trading down 6.7% at 0.15 pence each.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Vast Resources PLC 0.17 GBX -1.47 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.