Vast Resources reports progress with Baita Plai financing process
Mining company Vast Resources updated the market on progress on the asset-backed debt financing process linked to its Baita Plai Polymetallic Mine in Romania on Monday.
The AIM-traded firm said that, following its previous on 10 September over progress on the debt financing process with an international banking institution, it now had an indicative timeline to the conclusion of the facility.
“Independent consultants have now been engaged by the bank, and subject to the satisfactory finalisation of technical, environmental and legal due diligence the company and the bank, are targeting the finalisation of a binding term sheet by the end of November, with final approval targeted in December,” the board said in its short statement.
At 1347 BST, shares in Vast Resources were down 2.86% at 0.17p.