Vast signs documents for loan

Aim-listed Vast Resources has signed the documents for a $15-million finance facility to fund its operations in Romania and Zimbabwe.

The company signed the binding conditional bond issue deed with UK-based fund Atlas Capital Markets.

The Atlas facility offered full funding to reach production at the Baita Plai polymetallic mine, in Romania, and at the Chiadzwa Community diamond concession in Zimbabwe.

This facility does not affect the company’s continuing process with the Swiss Bank or other funders, and Vast said on Thursday that it would continue its efforts in securing a long-term financing facility for Baita Plai and its other Romanian assets.

The company has to refinance its Baita Plai polymetallic operation, in Romania, after Mercuria withdrew $5.5-million in financing for the project at the beginning of the year.

Baita Plai is a 1.8-million-tonne copper/silver/zinc/lead/gold/tungsten/molybdenum orebody, which Vast said could be in operation within three months from the drawdown of financing.

The company has already ordered, purchased, or is implementing the long lead items.