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(Sharecast News) - Mining company Vast Resources announced on Monday that it has raised gross proceeds of £2.71m by way of a subscription for 60.57m new ordinary shares and a placing of 714.28m new ordinary shares at a price of 0.35p.
Vast Resources said net cash raised from the fundraise will be used for the "primary beneficiation" of diamond parcels, which was expected to "significantly enhance their value", providing financial support. Additionally, funds raised will be used for general working capital.
The AIM-listed group added that the placing, which will close in two tranches, was undertaken by its joint broker, Axis Capital Markets.
As of 0915 BST, Vast Resources shares were down 14.63% at 0.38p.
Reporting by Iain Gilbert at Sharecast.com
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