LONDON (ShareCast) - (Sharecast News) - Mining company Vast Resources updated the market on its debt funding arrangements with A&T Investments (Alpha) and Mercuria Energy Trading on Monday.
The AIM-traded firm announced on 4 October that it had extended its agreements with the creditors until 30 November.

Since then, it has completed necessary legal documentation and said on Monday that while the core terms and conditions remained unchanged, there were notable amendments to the agreements.

As part of the updated terms, Vast said it would pay a total upfront extension fee of $0.3m to the creditors, using the proceeds from a recent placing.

Additionally, it would initiate debt reduction payments to Mercuria, starting with an initial payment of $0.1m to be sourced from the proceeds of the next concentrate sale.

Following that, subsequent concentrate sales from Baita Plai would contribute $0.05m towards debt reduction for Mercuria.

Moreover, extensions had been made to key dates within the agreements.

The share option allowing Mercuria to acquire £3.25m worth of shares in Vast would now expire on 30 December 2025 instead of the initial date of 30 December 2024.

Similarly, the expiry date of the warrants associated with the Alpha debt facility had been pushed forward by 12 months, now expiring on 16 May 2025, instead of the previous date of 16 May 2024.

At 1412 GMT, shares in Vast Resources were up 0.14% at 0.1477p.

Reporting by Josh White for Sharecast.com.

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