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

Vast ResourcesAnnouncement

19/03/2016 16:15

REPLACEMENT ANNOUNCEMENT 
 This announcement is made in replacement of announcement released at 18.05 on
17th March 2016.  The original announcement incorrectly stated "(being all of
the warrants issued to Crede to date)" in the first paragraph, which has now
been removed. Crede CG III Ltd's shareholding was 2.65 per cent. at the time
of release of the original announcement based on the total number of shares at
that time as stated in this announcement.  A full revised announcement is
below. 
 
 Vast Resources plc 
 ("Vast" or the "Company") 
  (AIM: VAST) 
 
 Exercise of Warrants and Issue of Equity 
 
 VAST Resources plc ("VAST" or the "Company"), the AIM-listed mining company
with operations in Romania and Zimbabwe, announces that, pursuant to the
subscription agreement entered into with Crede CG III Ltd (the "Investor" or
"Crede") on 4 January 2016, the Investor has elected to convert 32,200,000
warrants ("Warrants") of the 156,250,000 warrants issued on 4 January 2016
under the initial subscription. Notice of exercise of the Warrants was
received by VAST on 16 March 2016. 
 
 Under the terms of the financing announced on 4 January 2016, the Investor
may exercise the Warrants by exchanging them for new ordinary Shares of 0.1p
each in the Company (the "Ordinary Shares") being such number of new Ordinary
Shares calculated by dividing the aggregate Black-Scholes Value of the
Warrants (as described below) held and to be exercised by the Investor 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 0.42p, at a price
per Ordinary Share equal to the Black-Scholes Subscription Price payable in
full on the trading date the Warrant is exercised. 
 
 Pursuant to the terms of the subscription agreement as set out above, the
Company has today issued 52,509,000 new Ordinary Shares to the Investor at the
Black-Scholes Subscription Price, which means that Crede CG III Ltd is now
interested in approximately 2.65 per cent. of the issued share capital of the
Company as enlarged by the issue of the new Ordinary Shares. Pursuant to the
terms of the subscription agreement, an administration charge is due to the
Investor following the Warrant exercise. Such administration charge is equal
to the number of new Ordinary Shares being issued multiplied by the
Black-Scholes Subscription Price, being £52,509. 
 
 Application will be made to the London Stock Exchange plc for 52,509,000 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. 1,979,854,366 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. 
 
 "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. 
 
 "Black-Scholes Subscription Price" means a price per new Ordinary Share equal
to a deemed nominal value of 0.1 pence per Ordinary Share on the trading date
the Warrant is exercised. 
 
 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 January 2016. 
 
  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