REG-Exercise of Warrants and Issue of Equity <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

17/03/2016 18:10

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 17 March 2016 
 Vast Resources plc 
 ("Vast" or the "Company") 
 
 Exercise of Warrants and Issue of Equity 
 
 VAST Resources plc, the AIM-listed mining company with operations in Romania
and Zimbabwe, announces that, pursuant to the subscription agreements entered
into with certain investors (the "Investors") on 4 March 2016 (the
"Subscription Agreements"), the Investors have elected to convert 50,000,000
warrants issued under the initial subscription ("Warrants"). Notice of
exercise of the Warrants was received by VAST on 16 March 2016. 
 
 Under the terms of the financing announced on 4 March 2016, the Investors may
exercise the Warrants by exchanging them for new ordinary shares of 0.1p each
in the Company ("Ordinary Shares"). The number of new Ordinary Shares to be
issued to the Investors is calculated by dividing the aggregate Black-Scholes
Value of the Warrants (as described below) by the closing bid price of
Ordinary Shares on the trading day two days prior to the date on which the
Warrant exercise notice is received by the Company, being 0.42p. Accordingly,
the Company has today issued 81,535,714 new Ordinary Shares to the Investors. 
 
 No net cash is due either to the Company or to the Investors as a result of
the exercise of the Warrants. 
 
 Application will be made to the London Stock Exchange plc for 81,535,714 new
Ordinary Shares to be admitted to trading on the AIM market with admission
expected to occur on or around 24 March 2016 ("Admission"). 
 
 The new Ordinary Shares rank pari passu in all respects with the existing
Ordinary Shares. There are no Ordinary Shares held in treasury. 2,061,390,080
represents the total number of voting rights in the Company and may be used by
shareholders as the denominator for the calculations by which they can
determine if they are required to notify their interest in, or a change to
their interest in the Company under the Financial Conduct Authority's
Disclosure and Transparency Rules. 
 
 **ENDS** 
 
 For further information visit www.vastresourcesplc.com or please contact: 
 
  Vast Resources plc                                                                                                                                                                                              
  Roy Pitchford (Chief Executive Officer)                                                      +40 (0) 372 988 988 - Office Romania  +40 (0) 741 111 900 - Mobile Romania  +44 (0) 7793 909985 - Mobile UK     
  Roy Tucker (Finance Director)                                                              +44 (0) 1622 816918   +44 (0) 7920 189012                                                                          
    Strand Hanson Limited - Financial & Nominated Adviser  James Spinney  James Bellman       www.strandhanson.co.uk                                                                                         
                                                                                               +44 (0) 20 7409 3494                                                                                               
    Daniel Stewart and Company plc - Joint Broker  Martin Lampshire David Coffman              www.danielstewart.co.uk                                                                                        
                                                                                               +44 (0) 20 7776 6550                                                                                               
    Dowgate Capital Stockbrokers Ltd - Joint Broker Jason Robertson Neil Badger                www.dowgatecapitalstockbrokers.co.uk  +44 (0)1293 517744                                                        
    St Brides Partners Ltd Charlotte Heap Susie Geliher                                        www.stbridespartners.co.uk                                                                                       
                                                                                               +44 (0) 20 7236 1177                                                                                               
 "Black-Scholes Value" means the value of a Warrant calculated using the
Black-Scholes model as developed in 1973 by Fischer Black, Robert Merton and
Myron Scholes, using the Economic Research Institute's Black-Scholes
calculator, where the Volatility shall be 135 per cent., the term of the
Warrants shall be deemed to be 60 months (regardless of the then actual
remaining term of the Warrants), the stock price shall be the subscription
price and the option price shall be 130 per cent of the subscription price. In
this instance, "subscription price" means 0.8 pence, being the closing bid
price of Ordinary Shares on the trading day prior to the date of issue of the
initial subscription shares on 4 March 2016. 
 

 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients. 
 The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein. 
 Source: Vast Resources plc via Globenewswire 
 HUG#1995778