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

Vast ResourcesAnnouncement

13/05/2016 16:45

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 13  May 2016 
 Vast Resources plc 
 ("Vast" or the "Company") 
  (AIM: VAST) 
 
 Exercise of Warrants and Issue of Equity 
 
 Vast Resources plc, the AIM-listed mining company with operations in Romania
and Zimbabwe, announces that Crede CG III Ltd ("Crede") has elected to convert
38,148,819 warrants into ordinary shares of 0.1p each in the Company.  Notice
of conversion of the Warrants was received by Vast on 12 May 2016. 
 
 Under the terms of the financing announced on 4 January 2016 the number of
new Ordinary Shares to be issued to Crede 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 issued, being 0.31p. 
Accordingly, the Warrants convert into 84,284,277 new Ordinary Shares. As
described in the Company's announcement of 19 April 2016, the Company has
agreed to cancel the Warrants and issue the applicable number of new Ordinary
Shares, being 84,284,277 Ordinary Shares, to Crede. 
 
  Payment of £75,856, being the net subscription price after deduction of a
10 per cent. commission due to Crede, is due to be paid to the Company
pursuant to the conversion of Warrants. 
 
 Following the issue of the 84,284,277 new Ordinary Shares, the remaining
number of Ordinary Shares which can be issued to Crede on a non-preemptive
basis under the Crede Authorities is 949,726,714.  Post this exercise Crede
have no remaining Warrants out of the 156,250,000 issued to it under the
initial subscription. 
 
 Application will be made to the London Stock Exchange plc for 84,284,277 new
Ordinary Shares to be admitted to trading on the AIM market with admission
expected to occur on or around 19 May 2016 ("Admission"). The new Ordinary
Shares rank pari passu in all respects with the existing Ordinary Shares. 
 
 Following Admission, the issued ordinary share capital of Vast will consist
of 2,459,888,916 Ordinary Shares. There are no Ordinary Shares held in
treasury. 2,459,888,916 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. 
 

 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#2012752