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That’s a turn up for the books....
I have been hoping for this for some time...
now it is time to consider what the Bergen bridge cost VAST
The company received $1.5mm and has repaid $675k from the placing.
The company paid $170 k fee for the initial drawdown
Net cash $730k or £560k gbp if you prefer
For that an additional 488,073,476 shares were issued to Bergen. This includes the 68mm set up shares.
So that works out at an average of £0.00115.
Hmmn. Where did they old FD go!
Still, history is behind us.
What are we seeing now? Bergen dumping their remaining shares?
I kinda hoped they had Fwdd sold the next tranche. Maybe new placees (Bergen associates??) are getting rid?
Frankly if vast are able to prioritise paying of Bergen then I am hopeful. I feared there would be worse issues burning.
Looking fwd to seeing what comes next
Regards
Kew
FAHP... I don’t think so.....
Interest to see liability for not making SSGI payment and potential impact on the charge they hold
If not spending cash on that then assume holding back to keep the lights on and stalling placement to see if news can arrive on offtake replacement or diamonds.
Would be great to get a bit of positive news for a change rather than reiterating the horrible position we find VAST in following Mercuria pulling out.
Will we ever know why they decided against T2? Maybe if we can’t secure a replacement.
How’s the trading going? Are you recouping yet?
Kew
As a result of the agreement of the Mercuria offtake finance term sheet announced on 25 January 2018 the Company agreed accelerated repayments of the loan from Sub Sahara Goldia Investments (SSGI) (originally not repayable until 2021) in order that security held by SSGI over Romanian assets could be released in favour of Mercuria. These repayments were expected to have “dovetailed” into the expected finance from Mercuria. Without Tranche B, the Company has not been able to make the payments due to SSGI in December 2018 and January 2019. The Company is in discussions with SSGI concerning an alternative repayment proposal and these discussions are ongoing.
What are the default clauses on the term sheet? Concern??
Fwdd selling. ? Hmmn
Largest sell timed after the bell?
Pergaps they felt they had to show a large sell to camouflage previous forward selling!!
Such naughtiness
Sp holding up quite well in circumstances.
Never a fan of a Friday RNS! Always feels dirty.... going to turn off. Early lunch and start my weekend.
GL all. Have a nice weekend
Kew
Batfink666.... shares are on the market.
Don’t know why anyone would think otherwise. We have received confirmation already!
Look back over all previous RNS detailing new shares coming.. the company does then spend more more on the day saying “ yup... we told you so!”
If they weren’t admitted today. Then I reckon Bergen got them yesterday!!
Couple of decent sells suggest so! Also if they drop 100mm shares then guess what they fall under a notifiable holding.
What a surprise!
Bray.... interest question.
We have been told The Bergen conversion price is.....
(b) 92% of the average of five daily volume-weighted average prices of the Shares on AIM during a specified period preceding the relevant conversion (the “Second Issue Price�); in each case subject to rounding).
I assumed initially that this was the 5 days prior to the conversion notice... BUT.... if Bergen get to specify the particular period from drawdown to conversion then the floor is currently in @ £0.0012.... they would choose that particular price to convert.... period last week when the SP crashed....
Perhaps in this case they would simply wait for a recovery, convert at 12p and start dumping tranches of 35mm shares at a time???
Have to say if this is the method for setting the conversion price VAST have again should naivety and a lack of financial acumen driving by desperation to get funds in. Remember the day VAst received the first tranche from Bergen they confirmed their cash balance was less than they had received (see post period note in the interims)
Kew
There still seems to be some confusion around regarding the option to buyback on the Bergen facility (see various BBS and Twitter)
Vast have option to buyback the conversion notes.
Vast do not have the option to buyback shares once Bergen have exercised their option to convert
Bergen have exercised their option for circa £700k of the £1.2mm of T1B
These shares will all be in the market from tomorrow and Vast do not have the option to buy these back
Vast still have the option to by back the remaining £500k on the CLN from T1B. Issue is they don’t have funds available to do so.
It is mildly annoying that posters keep posting that Vast can repurchase the shares at the conversion price. They cannot.
The RNS is clear. They only have option to purchase the CLN back.
Grr
If fed selling and AP had the mind to he would look to repay. They would then have to go to market to buy. Sp rises and AP places!
Not the think my to do to a lender though if you want T2 ( or have bigger all cash!)
Whether Bergen agree or not... I believe vast will place the 800mm
Personally I believe they will want both.
800mm at 0.0016/17 is £1.2-1.3 add anoth £1.2 from T2B and that’s likely 7.8bn shares n issue with about £3mm cash in the bank.
Spend £700k for charge release
Spend £1.5mm on 3 months opex
Use the rest who knows where! Prob buy another asset %age!
Either way I think the dilution is in. We are awaiting generative news
Either a) off take aft to fund B.P. through plan
B) miracle diamond news... I made my thoughts clear on that
Would have loved to have seen the SP hold 23 a while longer.
As it is i currently have 0.2338% of the company... I believe soon to be diminished!!
Drilling at Zagra was part of the Company’s planned expenditure as detailed in the Open Offer announcement of 21 November 2017, and reference was made to the planned drilling programme in Q4 2018 in the Strategic Report contained in the Company’s Annual Report announced on 28 September 2018.
Drilling campaign expected to be complete by the end of December 2018
All core samples will be submitted to the ALS laboratories located in Rosia Montana for copper, lead, zinc, molybdenum, gold and silver assays
œTalks are advancing with institutional investors and the completion of the prospecting drilling campaign is essential to ensure securing the Exploration Licence in H1 2019. This is a vital step to concluding the transaction.
This was what BOD posted
The Heritage Concession, also named Block T1A is 6,913 hectares in surface area. The property contains several targets for modern alluvial diamond placer deposits. The grades of the known modern alluvial placers which drain the Marange Diamond Fields range in grade from 50-500 carats per hundred tons ("cpht"), most typically 100-200 cpht. There is also potential for remnants of the basal Umkondo (conglomerate) unit in the concession, which runs at grades from 100-3,000 cpht elsewhere in the Marange Diamond Fields.
Outside the eastern edge of the property is the closest known diamond mine within the Marange Diamond Fields. Situated within Block E2, the deposit was discovered and operated from late 2010 until 2016. Records indicate an average stone size of c.5 cts/stn and an average diamond value of c.US$80/ct from this block. It is generally estimated that over 60 million carats have been recovered from the entire Marange Diamond Fields to date.
The next steps will be to investigate the potential of the modern alluvial diamond deposits and of the older conglomerates on the property. Assuming positive results, the field work will be closely followed by drilling, pitting and bulk sampling which will form part of a pre-feasibility study and this may entail further funding beyond the initial US$1 million committed to the programme by Vast.
This release has been approved by James Campbell, Managing Director of Botswana Diamonds plc, a qualified geologist (Pr.Sci.Nat), a Fellow of the Southern African Institute of Mining and Metallurgy, a Fellow of the Institute of Materials, Metals and Mining (UK) and with over 33-years' experience in the diamond sector.
Fools, interesting thought on diamond licencing
So MZ Community Trust has received an undertaking for a licence to mine on the Heritage Concession. My understanding this pre dated the notification that 4 licences would be provided and therefore had been superceeded.
My worry is that VAST are simply using the fact that there hasn’t been an explicit statement confirming that this has been superceeded as hope ( or worse) that they are still in with a shout for diamonds in Zimbabwe.
If you can locate the map you refer to with the Heritage Concession and awards of licence areas which is upto date. (jayfellas doesn’t really show anything current) that would be interesting
I hope I have the wrong end of the stick here, but unless you can point me to any source other than AP / vast which states there will be alternative licence award ( other than the 4) I will not be putting hope / expectation or belief on to it