Vast Resources fails to secure debt financing for Romanian mining project

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BUCHAREST, Romania, Jan. 7 (SeeNews) – Britain’s Vast Resources Vast Resources said on Thursday it had been unable to secure an asset-backed debt financing process for its polymetallic Baita Plai mine In Romania.

Vast Resources has been informed by the international banking institution that the credit committee is unable to approve the transaction until the completion of certain corporate restructurings, at which time the bank will reassess the transaction. , she said in a press release.

“The company has come to understand that this decision is unrelated to its current mining business and is not a negative reflection on the company’s Baita Plai polymetallic mine,” Vast Resources also said in the statement.

The company added that it is considering restructuring and streamlining its corporate structure that will allow investors to have varying exposure to different elements of the current business, both commodities and jurisdictions.

Vast Resources also said it remains well funded after the £ 4.85million ($ 6.5million / € 5.3million) placement completed in December and is progressing solidly with the rise in production power at full capacity of the Baita Plai polymetallic mine.

Vast Resources planned to complete the asset-backed debt financing process by the end of December.

The company announced in September that it was negotiating a debt financing facility with an anonymous international banking institution.

Vast Resources is an AIM listed mining company with mines and projects in Romania and Zimbabwe. The company’s Romanian portfolio includes a 100% stake in the Baita Plai polymetallic mine and the Manaila polymetallic mine, which was commissioned in 2015 and is currently under maintenance and repair.

(1 pound sterling = 1.1075 euro)

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