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Vast Resources raises £4.8m via placing to help secure bank loan
StockMarketWire.com
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Romania and Tunisia focused miner Vast Resources said it had raised £4.85 million from a share placing in order secure debt financing from an international bank.
New shares in the company were issued at 0.132p each.
Vast Resources said a term sheet had been agreed with the bank's executive team and submitted for final credit committee approval, scheduled for 15 December.
It was was obliged to raise at least $6.2 million of equity as a condition to the loan.
'The asset-backed debt facility is a key corporate and commercial objective for Vast, and one which I believe will prove beneficial for shareholders as we move into 2021,' chief executive Andrew Prelea said.
'This is clearly recognised by the new and existing investors who have participated in today's placing and I believe that this development will provide Vast with the financial optionality to successfully capitalise on the anticipated ramp up to full production at our Baita Plai polymetallic Mine.'
At 9:59am: (LON:VAST) Vast Resources PLC share price was 0p at 0.18p
Story provided by StockMarketWire.com
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