Aim-listed miner Vast Resources has raised just over £1.8-million, before costs, through the issue of 902.5-million ordinary shares at 0.20p a share.
The cash raised from the subscription, which includes payment for expenditure already incurred, will be used for mobilisation and for general purposes, as necessary, for the establishment of the miner’s operations in Zimbabwe.
Vast Resources’ 25%-owned group company Dallaglio Investments acquired a 95% interest in the Eureka gold mine, in Zimbabwe, earlier this year.
Dallaglio acquired a 95% interest in Delta Gold Zimbabwe, which owns the Eureka mine, from Alpha Resources and the Industrial Development Corporation of South Africa, thereby providing Vast with an indirect 23.75% interest in Eureka.
Further, the miner also reported on Tuesday that it expects to sign binding documentation for a finance facility of $13.5-million later this week.
Source: Mining Weekly