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Vast Resources seeks shareholder permission to issue new equity
The board of AIM-listed mining company Vast Resources was seeking the approval of its shareholders to issue new equity share capital, up to an undisclosed limit, and to disapply statutory pre-emption rights.
Vast's directors stated that further expenditure would add to shareholder value and, accordingly, asked shareholders for authority to issue additional equity in order to raise funds to balance it's requirements.
The board hopes to issue as many as 400m new shares, equivelant to 7.79% of the company's existing issued share capital in order to raise an additional £1.65m to fund work at its Baita Plai and Manaila Polymetallic Mines.
As of 0950 BST, Vast shares had lost 11.09% to 0.46p.