Vast Resources enters financing talks for projects in Romania and Zimbabwe

Writer, Stock Market Wire
Tuesday, February 12, 2019 - 13:36

Vast Resources said it was in discussions to obtain financing to support separate projects in Romania and Zimbabwe.

The talks were initiated after a proposed financing deal with Mercuria Energy Trading did not proceed, as announced last month.

Discussions were continuing for replacement off-take finance principally to bring the Baita Plai project in Romanbia into production, and also to provide other working capital.

The arrangements would likely have a similar structure to those previously contemplated with Mercuria.

The discussions also included the possibility of replacing a separate and previous tranche of financing agreed with Mercuria.

Separately, Vast said it was advancing discussions with a potential cornerstone investor to cover the expenditure required to bring a proposed Zimbabwe diamond project into production.

Those talks also encompassed potentially providing a possible alternative to new off-take finance, too.

'It should be stressed that all these finance discussions remain at the diligence stage and are dependent upon the signing and completion of legal agreements in the normal course of business,' the company said.

At 1:36pm: (LON:VAST) Vast Resources PLC share price was -0.02p at 0.15p

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