Vast Resources raises £600 000 (US$748 000)
• Vast is set to commence operations in Chiadzwa
Aim-listed Vast Resources has raised £600 000 through a placing of almost 400-million ordinary shares of 0.1p in the company at a price of 0.153p apiece.
The placing was undertaken by Axis Capital Markets, which was appointed as a joint broker to Vast.
The cash raised from the placing will be used to maintain the company’s working capital in light of the anticipated conclusion of the Chiadzwa Community Diamond Concession joint venture (JV), in Zimbabwe, and other costs owing to Covid-19 impacts.
Vast in September 2019 signed a JV agreement with Chiadzwa Mineral Resources, which is a company designated to represent the Chiadzwa community interests in the concession. This resulted in the formation of Katanga Mining.
A further JV agreement between Katanga and the Zimbabwe Consolidated Diamond Company, which is a government entity representing the country in the diamond mining sector, is set to be officially signed.
The Chiadzwa Diamond Fields located in Marange are widely regarded as the richest alluvial diamond deposits in the world.
About Vast Resources
Vast is an AIM-listed mining company with mining and exploration interests in Romania and Zimbabwe.
It is focused on the rapid advancement of high-quality brownfield projects by recommencing production at previously producing mines in Romania and commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa diamond fields in Zimbabwe.
The company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards developing and recommissioning the mine and the Community Concession Block in Chiadzwa, Zimbabwe.
Vast Resources is well known in Zimbabwe as a former shareholder at Pickstone Peerless gold mine and the Eureka gold mine.
It also owns the Manaila Polymetallic Mine in Romania.
Source: Mining Weekly additionals by Mining Zimbabwe