Placing to Raise £1.7m and Company Update
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
7 July 2023
Vast Resources plc(‘Vast’ or the
‘Company’)
Placing to raise £1,701,000Issue of
Equity and TVRCompany Update
Vast Resources plc, the AIM-listed mining
company, announces that it has raised £1,701,000 gross through a
placing (the ‘Placing’) of 486,000,000 ordinary shares of 0.1p in
the Company (‘Ordinary Shares’) at a price of 0.35p per Ordinary
Share (the ‘Placing’). The Placing was undertaken by the Company’s
joint broker, Axis Capital Markets Ltd (‘Axis’).
The net cash raised from the Placing will be
used for working capital and to ensure the Company can meet its
current corporate obligations both in Romania and at corporate
level, applied to bridging any unforeseen operational related costs
as well funding further expansion capital costs, and the ongoing
drilling programme and mine development costs at the Company’s
Baita Plai Polymetallic Mine in Romania (‘Baita Plai’).
Recovery of Historic ParcelAs stated in
the announcement made on 4 July 2023, the Company continues to
liaise with the appropriate organisations regarding the procedure
for the handover of the historic parcel currently held in the
Reserve Bank of Zimbabwe. The Placing is necessary to give the
Company liquidity until the process has been finalised and
implemented and the sale of the parcel can proceed. The Company
will update the market with further news.
Asset Backed Debt As stated in the
announcement made on 3 July 2023, the Company is in continued
discussions with Mercuria Energy Trading SA and Alpha Investments
SARL about a further extension on the repayment of debt totalling
approximately $8.4m which was repayable in full on 30 June 2023.
The Company, once discussions are successfully concluded, will make
a further announcement regarding a formalised extension
agreement.
Baita Plai The Company will be
updating the market regarding the Q2 2023 Production Report in the
coming weeks and drilling results achieved to date from the
drilling programme. The Company can however report that operational
breakeven has been achieved in June 2023 and that name plate
capacity is now anticipated to be met in Q3 rather than H1
2023.
Admission of the Placing Shares & Total
Voting Rights
Application will be made to AIM for the Placing
Shares, which will rank pari passu with existing Ordinary Shares,
to be admitted to trading on AIM (‘Admission’) in two tranches. It
is expected that Admission will become effective and dealing will
commence in respect of 58,500,000 Shares on or around 13 July 2023
(the “First Admission”) and Admission will become effective
and dealing will commence in respect of the issue of 427,500,000
being the balance of the Placing Shares on or around 25 July 2023
(the “Second Admission”). The Placing is conditional on
Admission.
Following the First Admission, the total issued
share capital of the Company will be 2,986,144,142 and following
the Second Admission this will be 3,413,644,142. The Company
does not hold any Ordinary Shares in Treasury and accordingly the
above figures of 2,986,144,142 and 3,413,644,142 may then be used
by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest
in Vast under the FCA's Disclosure and Transparency Rule.
Important NoticesThis announcement
contains 'forward-looking statements' concerning the Company that
are subject to risks and uncertainties. Generally, the words
'will', 'may', 'should', 'continue', 'believes', 'targets',
'plans', 'expects', 'aims', 'intends', 'anticipates' or similar
expressions or negatives thereof identify forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many
of these risks and uncertainties relate to factors that are beyond
the Company's ability to control or estimate precisely. The Company
cannot give any assurance that such forward-looking statements will
prove to have been correct. The reader is cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this announcement. The Company does not
undertake any obligation to update or revise publicly any of the
forward-looking statements set out herein, whether as a result of
new information, future events or otherwise, except to the extent
legally required.
Market Abuse Regulation (MAR)
Disclosure
Certain information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 (“UK MAR”) until the release
of this announcement.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast Resources
plc Andrew Prelea (CEO)Andrew Hall (CCO) |
www.vastplc.com
+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated AdvisorRoland CornishJames
Biddle |
www.beaumontcornish.com+44 (0) 20 7628 3396 |
Shore Capital
Stockbrokers Limited – Joint Broker Toby Gibbs / James
Thomas (Corporate Advisory) |
www.shorecapmarkets.co.uk +44 (0) 20 7408 4050 |
Axis Capital
Markets Limited – Joint Broker Richard Hutchinson |
www.axcap247.com
+44 (0) 20 3206 0320 |
St Brides
Partners LimitedSusie Geliher / Charlotte Page |
www.stbridespartners.co.uk+44 (0) 20 7236 1177 |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM
listed mining company with mines and projects in Romania,
Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid
advancement of high-quality projects by recommencing production at
previously producing mines.
The Company's Romanian portfolio includes 100%
interest in Vast Baita Plai SA which owns 100% of the producing
Baita Plai Polymetallic Mine, located in the Apuseni Mountains,
Transylvania, an area which hosts Romania's largest polymetallic
mines. The mine has a JORC compliant Reserve & Resource Report
which underpins the initial mine production life of approximately
3-4 years with an in-situ total mineral resource of 15,695 tonnes
copper equivalent with a further 1.8M-3M tonnes exploration target.
The Company is now working on confirming an enlarged exploration
target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic
Mine in Romania, which the Company is looking to bring back into
production following a period of care and maintenance. The Company
has also been granted the Manaila Carlibaba Extended Exploitation
Licence that will allow the Company to re-examine the exploitation
of the mineral resources within the larger Manaila Carlibaba
licence area.
Vast has an interest in a joint venture company
which provides a share of revenue generated from the Takob Mine
processing facility in Tajikistan. The Takob Mine opportunity,
which is 100% financed, will provide Vast with a 12.25 percent
royalty equivalent over all sales of non-ferrous concentrate and
any other metals produced.
In Zimbabwe, the Company is preparing for the
release of its diamonds previously mined by the Company and
preparing for their marketing. Upon the finalisation of the
process the Company will recommence its focus on the
finalisation of the mining agreement on the Community Diamond
Concession in the Marange Diamond Fields.
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