Member Info for Jarv55

USE OF SUBSCRIPTION & PLACING FUNDS



The funds raised from the Subscription and Placing will be used to settle the balance of debt to Atlas over $4,000,000 and the agreed debt reduction commitment to Mercuria, as well as to cover the costs relating to the Transaction. The remaining funds raised through the Subscription and Placing will be utilised to support the continued optimisation of the performance of the Baita Plai Polymetallic Mine (Baita Plai) including the commissioning of the second mill circuit and new molybdenum line, as well as for working capital as the mine reaches production ramp-up from July 2022 onwards. Cash will also be used for general working capital and to maintain a liquidity buffer.



Andrew Prelea, Chief Executive Officer of Vast Resources, commented:



"The successful repayment of Atlas marks a definitive turning point for the Company that the Board believes should restore fair value in our share price. As explained in our operations update of 3 May 2022, the investment and development work undertaken at Baita Plai over recent months together with the new revenue streams being introduced as a result of our interests in Tajikistan, are already reshaping our financial performance, and today's refinancing will we believe ensure these gains are translated into real returns for shareholders.



"I would like to thank Mercuria for its continued support in the Company and for its support in this transaction. In addition to this the participation of both Shore Capital, A&T Invesment and the Alpha principals and investors show further support in the Company. The oversubscribed Subscription and Placing now gives the opportunity for the Company to accelerate the planned initiatives to increase revenue and production levels at Baita Plai.



"Given that this refinancing is such a pivotal development for Vast, particularly when coupled with the various operational developments which are gaining pace at Baita Plai and elsewhere, the management intends to engage with shareholders on a variety of channels over the coming weeks including through a live presentation and Q&A session. More details will be made available over the coming days."

Repayment of Atlas Special Opportunities LLC Completed

Asset Backed Debt facility of USD$4,000,000

Conditional Placing & Subscription to raise GBP£3,243,325



Vast Resources plc, the AIM-listed producing mining company, is pleased to announce that it has repaid in full the outstanding bonds owed to Atlas Special Opportunities LLC ("Atlas") linked to the Bond Issuance Deed announced on 24 October 2019 with the result that Atlas no longer has any conversion or any right to call for the issue of Vast ordinary shares. The Company has also undertaken to make a debt reduction of US$1,000,000 to the amount owed to Mercuria Energy Trading SA ("Mercuria") relating to Tranche A of the Prepayment Agreement announced on 21 March 2018 (together referred to as the "Transaction"). As part of the Transaction the Company has secured a $4,000,000 asset backed debt facility from A&T Investments SARL (Alpha) arranged by Alpha Credit SA ("Alpha"), a Swiss investment banking and asset management boutique, and has raised in aggregate £3,243,325 before costs through a conditional subscription and placing (the "Subscription" & "Placing") of 463,332,161 new ordinary shares of 0.1 pence in the Company (New Ordinary Shares) at a price of 0.7p per Ordinary Share (the "Subscription & Placing shares").



The Subscription and Placing are subject to, inter alia, the receipt of Shareholder approval of the necessary Resolutions to enable the issue of the New Ordinary Shares. Accordingly, the Company is planning to convene a General Meeting on Monday 6 June 2022 to seek Shareholder approval of relevant authorities to allot shares in the Company ("Shareholder Approval"). These authorities will enable the Directors to complete the Placing & Subscription. A notice of General Meeting will be sent to Shareholders shortly and a copy will also be made available on the Company's website in due course.



Shore Capital, the Company's Joint Broker, participated in the Subscription. The Subscription was undertaken directly by the Company, and the Placing was arranged by Axis Capital Markets, the Company's Joint Broker. A&T Investments, the principals of & investors in Alpha Credit S.A. have also made an advance payment of $1,090,000 in consideration for a new ordinary share issuance as part of the Subscription subject to Shareholder Approval at the General Meeting. The payment was made in advance of Shareholder Approval at the General Meeting on the basis of certain guarantees provided by Andrew Prelea and the wider Prelea family (the "Family") to ensure the required upfront funding was secured against existing shares held by the Family in order to close the Transaction.

https://www.**********.co.uk/rns/announcement/82936243-247f-442a-aff5-14d85248de4c

Thanks Pecten

Really could do with an rns to clear this up

In the event the Company does not cash settle when a conversion right is
exercised, the Bonds which are eligible for conversion, together with
any accrued but unpaid interest, shall be convertible at their par value
into free trading ordinary shares of the Company ("Ordinary Shares") at
a fixed price of 0.24p/share (a 20 per cent premium to the share price
at which the most recent equity raise was carried out) or at a price per
Ordinary Share equal to 90 per cent of the Volume Weighted Average Price
of the Ordinary Shares on each of the previous 20 trading days.

If the
Election is not made, Atlas is restricted, subject to certain conditions,
in exercising its conversion rights following the end of the
non-conversion period to the exercise of up to a maximum of 10 per cent
of the nominal value of the Bonds outstanding at the end of the
non-conversion period in each month.

-- The Bonds shall be senior secured and shall rank pari passu with all
other senior obligations of the Company. Atlas will have security over
Baita Plai and the shares of the Company's subsidiary holding the Diamond
Concession.

-- Attached to the Bonds are warrants ("Warrants") giving the warrant
holder the right to purchase in aggregate US$3,750,000 worth of Ordinary
Shares at a fixed price of 0.26p per share (a 30 per cent premium to the
share price at which the most recent equity raise was carried out). The
Warrants will be issued on each Issuance Date and will be issued pro rata
to each Bond issuance. The rights to exercise each Warrant will expire
on the third anniversary of each relevant Issuance Date.

How many can they convert is there a cap on it per month?

Just wnat to say good luck to all the longs in Eua hopefully we finally have something to celebrate.

https://www.reuters.com/markets/europe/nornickel-is-first-russian-firm-get-ok-keep-listing-abroad-2022-05-12/

they are not buying that is Atlas forward selling.

Has Atlas forward sold?

Lot of confusion on the bbs of the conversion price especially after consolidation.

Vast Resources plc, the AIM-listed mining company, announces that further to the announcement made on 3 May 2022 regarding the non legally binding verbal assurance from Atlas Special Opportunities LLC (“Atlas”) of no further conversions the Company has received a notice from Atlas that it elects to convert Bonds of USD 500,000 nominal value in accordance with the terms of the Bond Issuance Deed announced on 24 October 2019. The Company can confirm that it has satisfied the exercise of the Conversion Rights through the issue of 151,260,080 ordinary shares of 0.1 pence each in the Company (‘Ordinary Shares’) at a price of 0.27 pence per Ordinary Share.

The Company remains confident about the finalisation of the legal documentation process for the refinancing of the outstanding bonds currently $4,150,000.

Application will be made to the London Stock Exchange for 151,260,080 new Ordinary Shares to be admitted to trading on the AIM Market with admission expected to occur on or around 18 May 2022 (‘Admission’). The issued new Ordinary Shares will rank pari passu in all respects with existing Ordinary Shares.

Following Admission of the new Ordinary Shares the issued ordinary share capital of Vast will consist of 760,512,143 Ordinary Shares. There are no Ordinary Shares held in treasury. 760,512,143 represents the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change in their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

https://twitter.com/RobertTime2874/status/1525099412401315841?s=20&t=0Kxyau_vOpvbnDOKDL6ZxQ

Bobat https://petropavlovskplc.com/investors/financial-calendar/

Remember they did this last time dipped it down before moving it to 5p

Long way to go yet https://invst.ly/y4f18 can see this hitting 5p again

If they get that gold licence this could get taken over

mms gathering a few hold for the bigger gains

Constant buyers coming in