Vast Resources updates on restructuring plans
Vast Resources PLC (LON:VAST) has said that the credit committee at the major bank that’s leading a restructuring of the company’s asset-back debt facility is unable to proceed with the approval of transaction until the completion of certain corporate restructuring, at which point the bank will reassess the transaction.
The company has been given to understand that this decision is unrelated to its current mining activity and is not a negative reflection on the company’s Baita Plai polymetallic mine in Romania.
Details of a potential corporate restructuring will be provided to shareholders in due course.
The Company remains well funded following the £4.85mln placing completed in December 2020 and is making solid progress with the ramp up to full production at Baita Plai.