REG-Open Offer to Raise up to £1.23 Million Oversubscribed <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

12/12/2017 14:40

For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20171212:nGNE9HzRDX


12 December 2017
Vast Resources plc ("Vast" or the "Company")

Open Offer to Raise up to £1.23 Million Oversubscribed

On 24 November 2017, Vast Resources plc (AIM: VAST), the AIM listed mining
company with operations in Romania and Zimbabwe, announced an open offer to
raise up to £1.23 million (the "Open Offer") to facilitate the continued
optimisation and expansion of the Company's Romanian interests whilst the
board and management finalise non-dilutionary off-take financing.

Accordingly, the Company is pleased to announce the results of the Open Offer,
which closed for acceptances at 11.00 a.m. on 11 December 2017. Valid
acceptances were received in respect of 315,085,385 new ordinary shares of 0.1
pence each ("Ordinary Shares") ("Open Offer Shares") representing 134.5% per
cent. of the maximum number of ordinary shares available under the Open Offer,
thus a 34.5 per cent. oversubscription. 

All Qualifying Shareholders who applied for the Open Offer Entitlement in
respect of 158,620,522 Open Offer Shares will receive their entitlement in
full.  Qualifying shareholders who applied under the Excess Application
Facility in respect of 156,464,863 Open Offer Shares will be notified of the
shares allotted to them as soon as possible and subscriptions in excess of
their allotment will be returned as soon as possible and in any event within
14 days.  Other than one allocation to an employee amounting to 35,000,000
new Ordinary Shares which has been allotted in full, shares under the Excess
Allocation Facility have been allotted pro rata to Excess Applications made.
Accordingly the maximum number of Ordinary Shares available under the Open
Offer, being 234,261,876 Ordinary Shares, have been allotted thereby raising
gross proceeds from the Open Offer of £1,229,875.

Roy Pitchford, Chief Executive of Vast Resources, commented:

"I believe that the level of support that we have received, both from our
existing shareholders in this Open Offer, coupled with the injection of
capital from new investors in the recent placing, speaks volumes for the
general excitement surrounding the Vast investment proposition.

We offer shareholders compelling long term prospects across numerous projects,
commodities and two highly prospective and attractive jurisdictions, all set
against a backdrop of improving appetite for metal and mineral exploitation
and development."

Accordingly, a total of 234,261,876 Ordinary Shares have been allotted and it
is expected that Admission and commencement of dealings in such will commence
at 8.00 a.m. on 13 December 2017.  On Admission, the issued share capital of
the Company will consist of 5,112,164,659 Ordinary Shares.  The Company holds
no Ordinary Shares in treasury, therefore the total number of voting rights in
the Company is 5,112,164,659 and this figure may be used by shareholders as
the denominator for the calculations by which they will 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)                    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  
 SVS Securities Plc - Joint Broker Tom Curran Ben Tadd                         www.svssecurities.com +44 (0) 20 3700 0100       
 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").

Notes

Vast Resources plc is an AIM listed mining and resource development company
focussed on the rapid advancement of high quality brownfield projects and
recommencing production at previously producing mines in Romania.

Vast Resources currently own and operates the Manaila Polymetallic Mine in
Romania, which was commissioned in 2015.  The Company's portfolio also
includes the Baita Plai Polymetallic Mine in Romania, where work is currently
underway towards obtaining the relevant permissions to start developing and
ultimately commissioning the mine.

The Company also has interests in a number of projects in Southern Africa
including a 25 per cent. interest in the producing Pickstone-Peerless Gold
Mine in Zimbabwe.
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