RE: So if diamonds are forever....WTF went wrong???6 Sep 2023 16:26
Vast Resources Plc
VAST.L
Vast Resources Plc
GBX 0.265
-0.005 (-1.85%)
Last updated 15:46
Placing to raise £2,382,500, Baita Plai Update and Director Dealing
6th February 2023, 07:00
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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
06 February 2023
https://www.voxmarkets.co.uk/articles/andrew-prelea-of-vast-resources-we-are-the-most-undervalued-stock-on-aim-24e8ba0/
Placing to raise £2,382,500
Baita Plai Update
Director Dealing
Vast Resources plc, the AIM-listed mining company, announces that it has raised £2,382,500 gross through a placing and subscription (the ‘Placing and Subscription’) of 433,181,818 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.55p per Ordinary Share (the ‘Placing and Subscription Shares’). The Placing was undertaken by the Company’s joint broker, Axis Capital Markets Ltd (‘Axis’) in addition to participation from Shore Capital Stockbrokers Limited and Andrew Prelea, CEO of Vast Resources PLC.
The net cash raised from the Placing and Subscription will be focused on the ongoing drilling programme and the production ramp up at the Company’s Baita Plai Polymetallic Mine in Romania (‘Baita Plai’), as it continues to move towards realising name plate capacity of 14,000 tonnes per month in H1 2023 following a strong Q4 2022 production and sales performance.
The Company is seeking to prove up and obtain a Mineral Reserve as well as increase its Measured and Indicated Resource, with particular focus on confirming the enlarged Exploration Target of up to 5.8 million tonnes with grades of 0.50–2.00% copper, 0.20–0.80 g/t gold and 40-80g/t silver that formed a part of the historic NAEN code Resource. The resource expansion project will be split in two phases: the first focused on confirming Resources for exploitation in the near future to support production ramp up, and the second focused on resource expansion and to identify additional mining areas for the future, to enable the underground access preparation.
The funds will also be used to ensure the Company can clear its current corporate obligations as well as reduce its creditor position, including a debt reduction payment to Mercuria Energy Trading SA (‘Mercuria’) in line with the terms of the intercreditor agreement between the Company, Mercuria & Alpha Credit SA as announced on 16 May 2022.
Baita Plai Update
Vast is pleased to confirm that production at Baita Plai continues to exceed projections and the Company is on track, based on current commodity prices, to achieve name plate capacity in H1 2023 as previously announced on 4 January 2023. The Company also continues to make improved regular monthly sales of concentrate.
Directors' Dealing
Andrew Prelea, Chief Executive Officer and a Director of the Company, participated in the Placing in the amount of 15,000,000 shares for a total consideration of £82,500.
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