Vast Resources completes fresh equity issue

Vast Resources had a bit of extra cash in its back pocket on Wednesday, having completed a fresh equity issue with a number of shareholders.

The AIM-traded company said that, pursuant to an agreement entered into with a number of existing shareholders announced on 7 March, it received a subscription of £133,333 for the issue of 55,555,550 new ordinary shares of 0.1p each, at an issue price of 0.24p per ordinary share.

It also received 55,555,550 warrants, both conditional only on admission to trading on AIM.

“The issue of ordinary shares and investor warrants represents the second tranche of the financing, and the issue price of the new ordinary shares is the closing bid price of the ordinary shares on 1 April,” Vast’s board said in a statement,

Vast confirmed application had been made for the new shares to be admitted to trading on AIM, with admission expected to occur on 12 April. It also confirmed the new ordinary shares will rank pari passu with existing ordinary shares.

Following admission, the issued ordinary share capital of Vast will consist of 2,255,464,146 shares, with none held in treasury.