Aim-listed Vast Resources raised £1-million before costs through a placing of 1 88 697 245 shares at 0.53p each, the Romania- and Zimbabwe-focused miner reported on Friday.
The announcement comes days after Vast reported that it had secured the previously indicated investment by an institutional investor, allowing it to retain a 29.41% interest in the Blueberry project, in western Romania.
The institutional investor’s support, together with early investments obtained from individuals, took the funding procured for the gold-focused polymetallic Blueberry project to more than $1-million.
Vast is focused on expanding its presence in Romania and Zimbabwe. In Romania the group is poised to become a first mover in re-establishing large-scale mining operations. In Zimbabwe, in the light of the improved business climate the footprint will be expanded and we anticipate resuscitating abandoned but potentially lucrative opportunities there.