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Vast Resources arranges bridge loan ahead of completion of Baita Plai deal

Obtaining the right to mine at Baita Plai will be a significant milestone, according to Vast, which arranged a US$1.8mln bridge to avoid funding delays at the project
Mining truck
Vast will have two mines in Romania, upon completion

Vast Resources PLC (LON:VAST) told investors it expects the deal for the Baita Plai mine in Romania to be completed later this month and that it has arranged a US$1.68mln short-term bridging loan.

The loan, which has a 180 day term, is in addition to an existing US$4mln facility and it carries the same terms (interest of 1% per month, repayable on 9 March 2018).

READ: VAST Resources set for another big step forward after Baita Plai selection

Obtaining the right to mine at Baita Plai will be a significant milestone, Vast said, highlighting that it will be the company’s second mine in the country (alongside the Manaila polymetallic mine). The company is looking forward to securing a strategic investment covering both projects.

“The loan enables the process of securing the Baita Plai association on the licence to progress further without any funding delays whilst Sub-Sahara and the strategic investor, as referred to in the company's announcement of 24 July 2017, continue negotiations with each other and Vast to determine a mutually acceptable investment strategy and future corporate strategy,” the company said in a stock market statement.

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