Vast Resources agrees Gulf acquisition, shares suspended on AIM

(Alliance News) - Vast Resources PLC on Monday said it has agreed a conditional deal to acquire Gulf International Minerals Ltd in a reverse takeover, triggering the suspension of its shares on AIM.

The copper and polymetallic miner in Romania, Tajikistan, and Zimbabwe said it has entered into a conditional share purchase agreement to acquire 100% of Gulf International Minerals from Bay Square Pacific Ltd in an all-share deal.

On completion, the sellers would hold around 80% of Vast's enlarged share capital.

Under AIM rules, the proposed acquisition is classed as a reverse takeover.

As a result, trading in Vast's shares was suspended from midday on Monday, and will remain halted until the publication of an AIM admission document, or of confirmation that the transaction has been terminated.

Alongside the proposed acquisition, Vast plans a placing expected to raise around GBP7.5 million, as well as a retail offer to existing shareholders. The company said proceeds would support working capital needs and help refinance existing debt facilities.

The company said it aims to publish an AIM admission document in early 2026, which will include a notice convening a general meeting to seek shareholder approval. Re-admission to trading would follow if the deal proceeds.

Vast noted there is no certainty the acquisition, placing or retail offer will complete. If the transaction does not go ahead, the company said it would seek restoration of trading on AIM.

By Eva Castanedo, Alliance News reporter

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