REG - Vast Resources PLC - Placing to Raise £600,000, Issue of Equity & TVR

Vast ResourcesAnnouncement

15/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240715:nRSO3090Wa&default-theme=true

RNS Number : 3090W  Vast Resources PLC  15 July 2024

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

 

15 July 2024

Vast Resources plc

('Vast' or the 'Company')

 

Placing to raise £600,000

Issue of Equity & TVR

 

Placing

 

Vast Resources plc, the AIM-listed mining company, announces that it has
raised £600,000 gross through a placing (the 'Placing') of 600,000,000
ordinary shares of 0.1p in the Company ('Ordinary Shares') at a price of 0.1p
per Ordinary Share (the 'Placing').  The placees will, in addition, be issued
with a warrant giving the right to subscribe for one Ordinary Share at 0.4p
per Ordinary Share taken up in the Placing exercisable at any time up until 15
July 2025. The Placing was undertaken by the Company's joint broker, Axis
Capital Markets Ltd ('Axis').

 

The net cash raised from the Placing will be used for costs associated with
the implementation of the reorganisation plan at Baita Plai in order to lower
production costs and bridging the short-term gap in operational expenses while
the Company awaits the first tranche of the structural refinancing to close,
and to cover near-term corporate obligations, and working capital needs.

 

 

Admission of the Placing Shares & Total Voting Rights

 

Application will be made to AIM for the Placing Shares, which will rank pari
passu with existing Ordinary Shares, to be admitted to trading on AIM
('Admission') in two tranches.  It is expected that Admission will become
effective and dealing will commence in respect of 240,000,000 Shares on or
around 19 July 2024 (the 'First Admission') and Admission will become
effective and dealing will commence in respect of the issue of 360,000,000
Shares being the balance of the Placing Shares on or around 30 July 2024 (the
'Second Admission').  The Placing is conditional only on Admission.

 

Following the First Admission, the total issued share capital of the Company
will be 1,448,607,357 and following the Second Admission this will be
1,808,607,357.  The Company does not hold any Ordinary Shares in Treasury and
accordingly the above figures of 1,448,607,357 and 1,808,607,357 may then be
used by shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in Vast under the
FCA's Disclosure and Transparency Rule.

 

 

Market Abuse Regulation (MAR) Disclosure

 

Certain 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 as it forms part of UK Domestic Law by virtue of
the European Union (Withdrawal) Act 2018 ("UK MAR") until the release of this
announcement.

 

**ENDS**

 

For further information, visit www.vastplc.com or please contact:

 

 Vast Resources plc                                    www.vastplc.com (http://www.vastplc.com)

 Andrew Prelea (CEO)                                   +44 (0) 20 7846 0974

 Beaumont Cornish - Financial & Nominated Advisor      www.beaumontcornish.com (http://www.beaumontcornish.com)

 Roland Cornish                                        +44 (0) 20 7628 3396

 James Biddle

 Shore Capital Stockbrokers Limited - Joint Broker     www.shorecapmarkets.co.uk (http://www.shorecapmarkets.co.uk)

 Toby Gibbs / James Thomas (Corporate Advisory)        +44 (0) 20 7408 4050

 Axis Capital Markets Limited - Joint Broker           www.axcap247.com (http://www.axcap247.com)
 Richard Hutchinson

                                                     +44 (0) 20 3206 0320

 St Brides Partners Limited                            www.stbridespartners.co.uk (http://www.stbridespartners.co.uk)

 Paul Dulieu                                           +44 (0) 20 7236 1177

 

ABOUT VAST RESOURCES PLC

 

Vast Resources plc is a United Kingdom AIM listed mining company with mines
and projects in Romania, Tajikistan, and Zimbabwe.

 

In Romania, the Company is focused on the rapid advancement of high-quality
projects by recommencing production at previously producing mines.

 

The Company's Romanian portfolio includes 100% interest in Vast Baita Plai SA
which owns 100% of the producing Baita Plai Polymetallic Mine, located in the
Apuseni Mountains, Transylvania, an area which hosts Romania's largest
polymetallic mines. The mine has a JORC compliant Reserve & Resource
Report which underpins the initial mine production life of approximately 3-4
years with an in-situ total mineral resource of 15,695 tonnes copper
equivalent with a further 1.8M-3M tonnes exploration target. The Company is
now working on confirming an enlarged exploration target of up to 5.8M tonnes.

 

The Company also owns the Manaila Polymetallic Mine in Romania, which the
Company is looking to bring back into production following a period of care
and maintenance. The Company has also been granted the Manaila Carlibaba
Extended Exploitation Licence that will allow the Company to re-examine the
exploitation of the mineral resources within the larger Manaila Carlibaba
licence area.

 

The Company retains a continued presence in Zimbabwe.

 

Vast has an interest in a joint venture company which provides exposure to a
near term revenue opportunity from the Takob Mine processing facility in
Tajikistan.  The Takob Mine opportunity, which is 100% financed, will provide
Vast with a 12.25 percent royalty over all sales of non-ferrous concentrate
and any other metals produced.

 

Also in Tajikistan, Vast has been contracted to develop and manage the
Aprelevka gold mines on behalf of its owner Gulf International Minerals Ltd
("Gulf") under which Vast is entitled, inter alia, to 10% of the earnings that
Gulf receives from its 49% interest in Aprelevka in joint venture with the
government of Tajikistan.  Aprelevka holds four active operational mining
licences located along the Tien Shan Belt that extends through Central Asia,
currently producing approximately 11,600oz of gold and 116,000 oz of silver
per annum.  It is the intention of the Company to assist in increasing
Aprelevka's production from these four mines closer to the historical peak
production rates of approximately 27,000oz of gold and 250,000oz of silver per
year from the operational mines.

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEDGGDRCDBDGSD