RE: VAST26 Oct 2020 07:23
The report is being compiled by Craig Harvey, the Chief Operating Officer for Vast and a full-time employee and Director of the Company. Mr Harvey is a Competent Person who is a Member of the Australian Institute of Geoscientists and of the Geological Society of South Africa, a Recognised Professional Organisation included in a list that is posted on the ASX website from time to time.
Mr Harvey has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Placing
The Company has raised in aggregate £1,751,200 before costs through a placing (the ‘Placing’) of 1,094,500,000 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.16p per Ordinary Share (the ‘Placing Shares’).
The Placing was undertaken by the Company’s Joint Broker, Axis Capital Markets Ltd. The cash raised from the Placing will be partly used to replenish its working capital on account of cash settling the conversion notice issued by Atlas Special Opportunities LLC (‘Atlas’) announced by the Company on 6 October 2020. The cash raised will also ensure that the Company has sufficient funding available to cover the period of time until it receives payment in full from the first sale of copper concentrate to Mercuria. The cash raised from the Placing will also provide funds to give the Company the option to cash settle a conversion notice, up to the settlement value of $780,000, should Atlas further exercise their conversion rights prior to the Company finalising the refinancing with the international banking institution. The Company will also utilise the cash raised from the Placing to cover additional anticipated costs in relation to the refinancing process with the international banking institution and to cover contingencies.
Admission of and dealings in the Placing Shares
Application has been 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 the issue of 189,375,000 of the Placing Shares on or around 30 October 2020 (the ‘First Admission’) and that Admission will become effective and dealing will commence in respect of the issue of 905,125,000 of the Placing Shares on or around 9 November 2020 (the ‘Second Admission’). The Placing is conditional on Admission.
Following the First Admission, the total issued share capital of the Company will be 13,549,444,200 and following the Second Admission this will be 14,454,569,200. The above figures of 13,549,444,200 and 14,454,569,200 respectively may then be used by shareholders, following the respective dates at which the Shares are issued, as the denomina
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