Vast Resources awaiting term sheets for Baita Plai financing

Mining outfit Vast Resources said it is now waiting for term sheets from two financial institutions for loan finance to bring its Baita Plai project into production, alongside progress in its discussions to bring on board a cornerstone equity investor.

Vast Resources did however tell investors on Thursday that the interest from both financial institutions and its unnamed potential investor was conditional on the passing of a resolution on 23 April to approve a restructuring that would be effected by the sale of its interest in the Pickstone Peerless gold mine and other assets in Zimbabwe.

The AIM-listed group also noted that any deal would hinge on successfully completing the necessary due diligence and on the signing and completion of definitive legal agreements.

In another milestone for the gold digger, Vast revealed that preparation of a joint-venture agreement for its Heritage Concession asset with the Chiadzwa Community Development Trust had now reached the form of an advanced draft.

"Following the signature of the joint venture agreement, operations at the Heritage Concession are able to commence on the ground immediately," said Vast Resources.

As of 1000 BST, Vast shares had picked up 10.34% to 0.16p.