Vast Resources now expecting sales proceeds later in October

7th Oct 2024 11:41

(Sharecast News) - Mining company Vast Resources updated the market on its short-term funding situation on Monday, saying that it now expected to receive proceeds from sales around the third week of October, helping to address its immediate financial requirements.

The AIM-traded firm said that in the interim, it had arranged alternative agreements with its creditors to meet obligations while awaiting these funds.

On 23 September, Vast disclosed that it was unlikely to meet the 26 September deadline to repay a $5.82m debt owed to A&T Investments, also known as Alpha.

Vast confirmed that potential enforcement actions against a third-party guarantor, who was also a shareholder, would not directly affect its business or assets.

While Vast had been in discussions with a Swiss investment company for restructuring finance, it said delays had persisted, prompting it to pursue alternative short-term financing.

Vast's board expected the alternative arrangements to be finalised by the fourth quarter, ensuring it could continue its operations smoothly while awaiting further updates on long-term refinancing.

At 1056 BST, shares in Vast Resources were down 1.78% at 0.11p.

Reporting by Josh White for Sharecast.com.