Placing to raise £1,819,350 and Company Update
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
6 October 2023
Vast Resources plc(‘Vast’ or the
‘Company’)
Placing to raise
£1,819,350Issue of Equity and
TVRCompany Update
Vast Resources plc, the AIM-listed mining
company, announces that it has raised £1,819,350 gross through a
placing (the ‘Placing’) of 933,000,000 ordinary shares of 0.1p in
the Company (‘Ordinary Shares’) at a price of 0.195p 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 a corporate
level. At the Baita Plai Polymetallic Mine in Romania (“Baita
Plai”) funds will also be applied to bridging any unforeseen
operational related costs due to the recent protest action as well
as to funding further expansion capital costs, the ongoing drilling
programme and mine development costs.
Baita Plai The Company is
pleased to announce it has now commenced commercial production of
the lead/zinc concentrate.
Drilling continues at a rapid rate to enable the
Company to extend the licence in 2024 and increase the resource.
The Company is also advancing underground development as drill
results highlight mineral rich areas in new locations that were not
part of the current mine plan.
The Company will be updating the market
regarding the Q3 2023 Production Report in the coming weeks.
Tajikistan Further to the announcement made on 12
April 2023, the Company is pleased to report that the first
commercial shipment of the lead/zinc concentrate to Trafigura will
be completed this week with further shipments being planned.
Funding Based on current
strategy and updated expectations the Company does not believe it
will need to raise further equity funding for the foreseeable
future.
Asset Backed Debt As stated in
the announcement made on 4 October 2023, the Company has agreed an
extension with Mercuria Energy Trading SA and Alpha Investments
SARL to 30 November 2023 that should allow the additional time
necessary to finalise the settlement of its historic claims
outlined in previous announcements. The Company, once documentation
is concluded, will make a further announcement.
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 154,500,000 Shares on or around 12 October
2023 (the “First Admission”) and Admission will become effective
and dealing will commence in respect of the issue of 778,500,000
being the balance of the Placing Shares on or around 20 October
2023 (the “Second Admission”). The Placing is conditional on
Admission.
Following the First Admission, the total issued
share capital of the Company will be 3,568,144,142 and following
the Second Admission this will be 4,346,644,142. The Company does
not hold any Ordinary Shares in Treasury and accordingly the above
figures of 3,568,144,142 and 4,346,644,142 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 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 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 |
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.
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