REG-Update on Strategic Investment and Completion of Acquisition of remaining 49.9% of Sinarom Mining Group SRL <Origin Href="QuoteRef">VAST.L</Origin>

Vast ResourcesAnnouncement

26/05/2017 14:05

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

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

Further update on Strategic Investment by SSCG Africa Holdings Ltd
Completion of Acquisition of remaining 49.9% of Sinarom Mining Group SRL

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") originally announced on 30
January 2017 and last updated on 22 May 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 2 June 2017. 
Final approval by RBZ remains outstanding. No proceeds have been received from
the Disposal and US$3 million has been drawn down on the Loan. 

The Company continues to work closely with the RBZ to conclude the Assignment,
however in the interim period, as a show of continued support of Vast, SSA has
agreed to advance the final US$1 million of the Loan.    

In relation to the Company's acquisition of a 49.9% interest in Sinarom Mining
Group SRL ("Sinarom"), as announced on 22 March 2017, US$735,000 was due on 30
April as a final instalment for completion of the acquisition.  US$100,000 of
this was paid on 30 April 2017 and the drawdown from SSA has been used to fund
the US$635,000 balance.  . 

The discussions referred to in the Company's announcement of 22 March 2017
concerning further transactions in relation to Sinarom, and also relating to
the advancement of the recently acquired Piciorul Zimbrului and Magura Neagra
licences proximal to Manaila, continue and further announcements will be made
in relation to this as appropriate. 

**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