Vast Resources (VAST) has raised just over £2.7 million by way of a subscription and placing.
The money will be used for the primary beneficiation of the company’s recently recovered diamond parcels, in a process which is expected to enhance their value significantly, and for the provision of financial support to the company’s new technical team. This team is undertaking a comprehensive technical review of the company’s portfolio of assets.
The placing will be settled in two tranches.
View from Vox
It’s been a year of significant progress for Vast, following the recovery of significant amounts of diamonds in Zimbabwe. The share price has risen markedly and chief executive Andrew Prelea is clear in his aspiration to turn the company into a mid-tier producer. How exactly Vast goes about this drive to further growth will be part of the subject of the technical review, but a direction of travel has been established, and the significant support this fundraising has found shows that the market is on board.