Vast Resources said in a press release said that it has taken full ownership of Baita Plai polymetallic mine in Romania by acquiring the remaining 20% interest and that the acquisition has been satisfied through the issue of 2,850,000,000 new ordinary shares of 0.1p in the company.
Of the consideration shares, 1,500,001,930 have been allotted to Andrew Prelea and 225,005,790 have been allotted to Roy Tucker, both directors at the company. Vast Resources also said it expects to conclude its first commercial sale of copper concentrate from Baita Plai polymetallic mine to energy and commodity trading company Mercuria on November 25.
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe. Besides the Baita Plai polymetallic mine Vast Resources also owns the Manaila polymetallic mine in Romania commissioned in 2015, currently on care and maintenance.