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Vast Resources gets court confirmation for Romania merger

, Investors

Vast Resources has had the proposed merger between two of its Romanian subsidiaries confirmed by the Appeal Court of Cluj.
Vast has been trying to regain the right to mine at the Baita Plai polymetallic mine in Romania and had been advised that the merger of Vast Romania and Mineral Mining was the best way to achieve this.
Last week, however, Vast announced it had reached a separate agreement with Baita SA, the Romanian state-owned mining company, to work together to get the mining permit.
In today’s statement, it said the rights of Vast Romania to the Mining Sub-licence following the completion of the Merger were independent of the agreement with Baita SA.
A legal opinion has been requested on the result of the completion of the merger and on the precise action now to be taken, it added.

source: proactiveinvestors.co.uk

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