October 18 (SeeNews) - UK-based Vast Resources said on Thursday that it has raised 525,086 British pounds ($690,013/ 597,606 euro) via a placing and subscription of of 87.5 million ordinary shares in order to invest in new business opportunities in Zimbabwe and Romania.
The placing was for 70.8 million ordinary shares, while the subscription was for 16.7 million shares subscribed equally by CEO Andrew Prelea and financial director Roy Tucker, the company said in a press release.
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The price in the placing and subscription was 0.6 pence per share.
Vast Resources expects admission of the shares to trading on October 24 on AIM, the London Stock Exchange's sub-market for smaller, growing companies.
On Tuesday, Vast announced that it has signed a commercial contract to begin operations at the Baita Plai polymetallic mine in Romania.
The agreement was concluded between Vast's 80%-owned subsidiary African Consolidated Resources and state-owned Baita SA, Vast said in a statement.
Through AFCR, Vast Resources currently owns an 80% interest in the Baita Plai mine, which is located in the Apuseni Mountains, Transylvania region. The area hosts Romania’s largest polymetallic and uranium mines.
In August, Vast Resources said that it plans to acquire an indirect 29.41% interest in the polymetallic mineralisation Blueberry Project located in the Golden Quadrilateral of Western Romania.
Besides Baita Plai, Vast Resources owns Sinarom Mining Group, the owner of the Manaila polymetallic mine in Romania. It also owns an 80% interest in a prospecting licence over the Faneata tailings dam located 7 km from the Baita Plai.
AIM-listed Vast Resources is a mining and resource development company focussed on the rapid advancement of high-quality brownfield projects and recommencing production at previously producing mines in Romania and Zimbabwe.