Share price plummets as Vast raises more cash
Aim-listed Vast Resources shares are down after it raised £750,000 gross through a placing 750,000,000 ordinary shares, at a 19.3% discount to the 5-day weighted average price. "The net cash raised from the placing will be used to maintain the business to comply with the reorganisation plan at Baita Plai," Vast said. In June Vast announced that it is placing Baita Plai into voluntary reorganisation, following union disputes.
Vast is currently waiting for incoming funds for a deal struck in September with Albamin Industry for the marketing of 500 tonnes of polymetallic concentrate containing over 25 g/t. This material is currently being bagged for sale and is expected to be sold in the coming weeks.Zimbabwe deal nearsEarlier this week local Zimbabwean media reported that the government there has reached a settlement over a ownership of a packet of diamonds held at the Reserve Bank of Zimbabwe for over a decade.
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