Vast Resources extends deadline for debt discussions

4th Oct 2023 13:29

(Sharecast News) - Mining company Vast Resources announced on Wednesday that a further extension had been agreed upon over its ongoing debt discussions with investment firm A&T Investments (Alpha) and global energy and commodity group Mercuria Energy Trading.

The AIM-traded firm said the extension would allow additional time to finalise the settlement of historical claims, moving the deadline to 30 November, as it concluded the necessary legal documentation.

Vast first announced its asset-backed debt facility from Alpha on 16 May 2022 and had been navigating through a web of debt owed to Mercuria relating to tranche A of the Prepayment Agreement, initially publicised on 21 March 2018.

Further to an announcement on 2 October regarding discussions with Alpha and Mercuria, the recent extension came as part of a collaborative effort to allow more time to resolve the claims and reach a settlement aligning with the interests of all parties.

"All terms and conditions of the debt remain the same," Vast Resources said in its statement.

At 1307 BST, shares in Vast Resources were down 5.19% at 0.26p.

Reporting by Josh White for Sharecast.com.