REG-Result of General Meeting <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

01/07/2016 18:05

      
Vast Resources PLC / Ticker: VAST / Index: AIM / Sector: Mining
    
1 July 2016
Vast Resources PLC
("Vast" or "the Company")
        
Result of General Meeting
    
Vast Resources PLC, the AIM-listed resource development and production company, announces that at the General Meeting held this afternoon, Resolutions 2, 3, 5 and 6 were passed and Resolutions 1 and 4 were defeated. Resolutions 1 and 4 were required to give the Company authority to issue shares sufficient to meet the requirements of the Crede CG III Ltd ("Crede") financing announced on 4 January 2016 ("the Crede Financing"). Immediately following the General Meeting, the Directors informed Crede of Vast's decision to cancel the Crede Financing in accordance with its terms.
    
Details of the votes For and Against for each resolution are detailed in the table below:
                                                                                                                   
   Resolution No.    
   For (number / % of votes cast)    
   Against (number / % of votes cast)    
   Abstained    
   1   
   357,700,040 (23.77%)   
   1,147,107,989 (76.23%)    
   103,378   
   2   
   1,507,419,873 (99.97%   
   512,465 (0.03%)   
   2,029,069   
   3   
   1,507,634,686 (99.98%)   
   297,652 (0.02%)   
   2,029,069   
   4   
   356,495,270 (23.69%)   
   1,148,312,759 (76.31%)   
   103,378   
   5   
   1,507,419,873 (99.97%)   
   512,465 (0.03%)   
   2,029,069   
   6   
   1,506,545,634 (99.96%)   
   659,843 (0.04%)   
   2,755,930   
    
The Directors are in discussions with new and existing shareholders with regard to raising alternative financing, which might include an open offer to allow existing shareholders that have been significantly diluted by the share price reduction since the start of 2016 the opportunity to participate in the fundraising exercise.
    
Further to this, as announced on 16 May 2016, Vast entered into a bridge loan note with Darwin Capital Limited ("Darwin") for up to 1 million (the "Bridge Loan Note"). An initial note of 650,000 ("Principal Amount") was issued on 16 May 2016.
    
The Bridge Loan Note was due to mature as to 50 per cent. of the Principal Amount (including all accrued and unpaid Interest on 50 per cent. of the Principal Amount) on 10 July 2016 (the "First Maturity Date") and the outstanding Principal Amount (including associated accrued and unpaid interest) on 10 October 2016, or earlier upon acceleration or early redemption. Darwin has now agreed to extend the First Maturity Date to 31 July 2016. The outstanding Principal Amount (including associated accrued and unpaid interest) will remain to fall due on 10 October 2016, or earlier upon acceleration or early redemption.
    
Further announcements will be made in due course.
    
** ENDS **
    
For further information visit www.vastresourcesplc.com or please contact:
                                                                 
   Vast Resources PLC   
      
   Roy Pitchford (Chief Executive Officer)   
   +40 (0) 372 988 988 - Romania Office
   +40 (0) 741 111 900 - Romania Mobile
   +44 (0) 7793 909 985 - UK Mobile   
   

   Strand   Hanson Ltd - Financial & Nominated Adviser
   James Spinney
James   Bellman      
   

   www.strandhanson.co.uk
   +44   (0) 20 7409 3494   
   

   Dowgate   Capital Stockbrokers Ltd - Joint Broker
Jason   Robertson
Neil   Badger         
   

   www.dowgatecapitalstockbrokers.co.uk
+44   (0) 1293 517744

         
   

   Daniel   Stewart and Company PLC - Joint Broker
   Martin Lampshire
David   Coffman      
   

   www.danielstewart.co.uk
   +44   (0) 20 7776 6550   
   

   St   Brides Partners Ltd
   Susie Geliher
Charlotte   Heap
   
         
   

   www.stbridespartners.co.uk
   +44   (0) 20 7236 1177   
         


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#2024971