Vast Resources (VAST) has repaid in full outstanding debt totalling US$10.9 million owed to Mercuria Energy Trading SA and A&T Investments SARL.
The company has repaid US$4.3 million owed to Mercuria and US$6.6 million owed to A&T Investments.
Earlier this week, Vast completed its reverse takeover of Gulf International Minerals, returned to trading on AIM and started a drilling campaign at its Aprelevka joint venture in Tajikistan.
The transaction gives Vast a 49% beneficial interest in the Aprelevka JV, which holds four active mining licences along the Tien Shan Gold Belt in northern Tajikistan. The operations produce about 11,000 ounces of gold and 130,000 ounces of silver per year from mined ore and tailings.
Vast has also completed its placing and subscription, raising gross proceeds of about £7.5 million at 6.25 pence per share, alongside a £300,000 oversubscribed retail offer.
A drilling campaign has started in Tajikistan following recent drilling, trench sampling and metallurgical test work on the Soviet Tailings Facilities.
The programme is designed to establish a maiden JORC-compliant resource for assets held within the Aprelevka JV.
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The full repayment of US$10.9 million of debt is a positive step for Vast, reducing financial obligations and strengthening the company's balance sheet as it advances its mining portfolio.
The immediate focus turns to resource definition and production growth at Aprelevka, with drilling now under way.