The AIM-listed miner said it had raised the funds through the placing of around 189mln new shares at a price of 0.53p each, on par with its last closing price.
The fundraising follows news at the end of October that the company had received US$1mln from institutional investors to retain its 29.41% stake in the Blueberry gold project in Romania.
The new shares are expected to be admitted to AIM on 8 November.
In late-afternoon trading Friday, Vast shares were up 3.8% at 0.55p.
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