REG-Further Update on Strategic Investment by SSCG Africa Holdings Ltd <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

22/05/2017 10:00

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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

22 May 2017
Vast Resources plc
("Vast" or "the Company")

Further Update on Strategic Investment by SSCG Africa Holdings Ltd

Vast Resources plc, the AIM-listed mining company with operations in Romania
and Zimbabwe, is pleased to give a further update on the financing arrangement
with SSCG Africa Holdings Ltd and its group ("SSA") announced on 30 January
2017 and updated on 14 March 2017, 7 April 2017 and 28 April 2017 (the "SSA
Transaction") under which the Company was to receive gross proceeds of US$8
million principally to advance the Company's core activities in Romania. 
This comprised a US$4 million payment for the sale of 49.99 per cent in the
Company's principal Zimbabwean assets (the "Disposal") and a US$4 million long
term loan, repayable in four years (the "Loan").  Completion of all aspects
of the SSA Transaction were dependent on the approval of the assignment of
49.99 per cent. of Vast's loan account with Canape (the "Assignment") by the
Reserve Bank of Zimbabwe ("RBZ") by 7 April 2017, later extended to 19 May
2017. 

Final approval of the Assignment by RBZ remains outstanding, but
correspondence from and discussions with Canape's bankers in connection with
the application for approval indicate that the necessary approval for the
Assignment will be forthcoming, and all efforts continue to achieve this as
soon as possible.  Whilst the approval of the Assignment remains outstanding,
a formal extension to 2 June 2017 has been agreed by all parties.

Roy Pitchford, Chief Executive Officer of Vast, commented:
"We remain extremely confident that the transaction with SSA will be
successfully concluded in the near term.  Although this process has been
subject to frustrating administrative delays, SSA has reconfirmed its intent
to finalise the transaction and remains wholly supportive of Vast."

**ENDS**

For further information, visit www.vastresourcesplc.com or please contact:

 Vast Resources plc Roy Pitchford (Chief Executive Officer)                    www.vastresourcesplc.com +44 (0) 20 7236 1177    
 Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle  www.beaumontcornish.com                          
                                                                               +44 (0) 020 7628 3396                            
 Brandon Hill Capital Ltd - Joint Broker Jonathan Evans                        www.brandonhillcapital.com +44 (0) 20 3463 5016  
 Peterhouse Corporate Finance Ltd - Joint Broker Duncan Vasey                  www.pcorpfin.com +44 (0) 20 7469 0936            
 St Brides Partners Ltd Susie Geliher Charlotte Page                           www.stbridespartners.co.uk                       
                                                                               +44 (0) 20 7236 1177                             

The 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 ("MAR").
This announcement is distributed by Nasdaq Corporate Solutions on behalf of
Nasdaq 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