Shares of Vast Resources PLC (LON: VAST) today fell 11% after the company said that it has raised £1.75 million via a discounted share placement of 1.09 million shares at 0.16p a share.
The mining company said that it would use the funds to boost its working capital by settling in cash the conversion notice issued by Atlas Special Opportunities earlier this month.
Vast also noted that the funds would keep it well capitalised before it receives the full payment for its first sale of 350-400 tonnes of copper concentrate to Mercuria., which is expected to reach its destination port in early November 2020.
The company also expects the JORC Reserve & Resource report for its Baita Plai project in Romania, which is being compiled by Craig Harvey, the Chief Operating Officer to be released this week.
Vast Resources share price
Vast Resources shares today fell 11% to trade at 0.1578p having dropped from Friday’s closing price of 0.1774.