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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
25 September 2017
Vast Resources plc
("Vast" or "the Company")
Update on possible Strategic Investment of up to US$10 million
Further to the announcement of 24 July 2017, Vast Resources plc, the
AIM-listed mining company with operations in Romania and Zimbabwe, is pleased
to announce an update on discussions between the Company and its potential
strategic investors (the "Investors").
The Company and the Investors have recently enjoyed constructive discussions
to progress a framework for further investment.
Following these discussions, the Investors have now agreed to vary their
intentions as outlined in the RNS dated 24 July 2017 as below:
1. Any forthcoming investment will now be solely at project level (on a
basis to be agreed);
2. There is no longer any intention to offer a subscription of new shares to
the Investors at 0.4p that would have enabled them to take up to 29.9% of the
enlarged share capital of the Company.
Roy Pitchford, Chief Executive of Vast, commented:
"We have enjoyed some very constructive meetings between both strategic
investors and these amendments to the original investment proposal will offer
shareholders the potential to transform our entire portfolio of
mining/development properties in Romania. I remain encouraged that both our
strategic investor in Zimbabwe, and our new Romanian-focussed investor,
support our growth strategies to increase production, optimise operations and
enhance the return to shareholders."
**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