Vast Resources raises £1.48m to cover Atlas liability

Mining outfit Vast Resources said it had raised £1.48m to settle a liability with Atlas Capital Markets and fund early production at its Baita Plai Polymetallic Mine .

Vast Resources said the cash, together with £109,800 raised from other investors, would settle the liability before the end of August, should the lender decide to exercise its conversion rights prior to the company finalising its refinancing.

Chief executive Andrew Prelea said: "We are happy that the final stages of development at Baita Plai are proceeding on time and as planned and expect that the funds raised today will take us through to the anticipated date when we can achieve cash flow through the sale of concentrate."

As of 1020 BST, Vast shares were down 7.11% at 0.20p.