London AIM-listed resources company, African Consolidated Resources (AFCR), which owns 50 percent of Pickstone Peerless gold mine near Chegutu has changed its name to Vast Resources to reflect a number of business opportunities that it undertook last year.
Shareholders approved the change at an Annual General Meeting that was held on December 30.
“Accordingly, the Company is pleased to confirm that the change of its name to Vast Resources plc will become effective 31 December, 2014, and trading in the Company’s New Ordinary Shares, the Placing Shares and the Subscription Shares on AIM under this name is expected to commence at 8:00am on 6 January 2015,” the company announced after the AGM.
AFCR sold 50 percent equity to Grayfox Investments, a Zimbabwean incorporated company owned by a local consortium, which paid $4 million for it and formed a new joint venture, Dallaglio Investments.
The new company will now run the mine.
Vast Resources also owns mines in Romania.- The Source