Placing to raise £1,350,000 before costs & Extension of Directors’ Lock up period
28 Outubro 2021 - 3:00AM
Placing to raise £1,350,000 before costs & Extension of
Directors’ Lock up period
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
28 October 2021
Vast Resources plc(“Vast” or the
“Company”)
Placing to raise
£1,350,000
before costsExtension of Directors’ Lock
up period
Vast Resources plc, the AIM-listed mining
company, is pleased to announce it has raised £1,350,000 gross
through a placing (the ‘Placing’) of 54,000,000 ordinary shares of
0.1p in the Company (‘Ordinary Shares’) at a price of 2.5p per
Ordinary Share (the ‘Placing Shares’). The Placing was undertaken
by the Company’s joint broker, Axis Capital Markets Ltd
(‘Axis’).
The net cash raised from the Placing will cover
the shortfall in working capital that has arisen for the reasons
set out in the Company’s announcement of 25 October 2021 and for
contingencies.
The Company would like to confirm it will be
making its next sale of concentrate to its offtake partner in early
November. Production and sales continue in line with revised
internal forecasts announced on 25 October 2021.
The Company also announces that Andrew Prelea
and Roy Tucker, directors of the Company, have agreed to extend the
lock up period in relation to respectively 15,000,019 and 2,250,057
Ordinary Shares held by them and referred to in the announcement of
9 November 2020 by a further year until 30 November 2022.
Admission of and dealings in the Placing
Shares
Application will be made to AIM for the Placing
and Subscription 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 the issue of 10,000,000 of
the Placing Shares on or around 3 November 2021 (the ‘First
Admission’) and that Admission will become effective and dealing
will commence in respect of the issue of 44,000,000 being the
balance of the Placing Shares on or around 11 November 2021 (the
‘Second Admission’). The Placing and Subscription is conditional on
Admission.
Total Voting Rights
Following the First Admission, the total issued share capital of
the Company will be 250,981,717 and following the Second Admission
this will be 294,981,717. The Company does not hold any Ordinary
Shares in Treasury and accordingly the above figures of 250,981,717
and 294,981,717 respectively may then be used by shareholders,
following the respective dates at which the Shares are issued, 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.
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 plcAndrew 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 Jerry Keen
(Corporate Broking)Toby Gibbs / James Thomas (Corporate
Advisory) |
www.shorecapmarkets.co.uk +44 (0) 20 7408 4050 |
Axis
Capital Markets Limited – Joint
Broker Richard Hutchison |
www.axcap247.com +44 (0) 20 3206 0320 |
St Brides
Partners LimitedSusie Geliher |
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 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 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 was commissioned in 2015, currently on care
and maintenance. The Company has 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.
In Zimbabwe, the Company is focused on the
commencement of the joint venture mining agreement on the Community
Diamond Concession, Chiadzwa, in the Marange Diamond Fields.
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