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Pin to quick picksVast Res Regulatory News (VAST)

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Placing to raise £1,350,000 before costs & Extension of Directors’ Lock up period

28 Oct 2021 07:00

Placing to raise £1,350,000 before costs & Extension of Directors’ Lock up period

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

28 October 2021

Vast Resources plc(“Vast” or the “Company”)

Placing to raise £1,350,000 before costsExtension of Directors’ Lock up period

Vast Resources plc, the AIM-listed mining company, is pleased to announce it has raised £1,350,000 gross through a placing (the ‘Placing’) of 54,000,000 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 2.5p per Ordinary Share (the ‘Placing Shares’). The Placing was undertaken by the Company’s joint broker, Axis Capital Markets Ltd (‘Axis’).

The net cash raised from the Placing will cover the shortfall in working capital that has arisen for the reasons set out in the Company’s announcement of 25 October 2021 and for contingencies.

The Company would like to confirm it will be making its next sale of concentrate to its offtake partner in early November. Production and sales continue in line with revised internal forecasts announced on 25 October 2021.

The Company also announces that Andrew Prelea and Roy Tucker, directors of the Company, have agreed to extend the lock up period in relation to respectively 15,000,019 and 2,250,057 Ordinary Shares held by them and referred to in the announcement of 9 November 2020 by a further year until 30 November 2022.

Admission of and dealings in the Placing Shares

Application will be made to AIM for the Placing and Subscription 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 10,000,000 of the Placing Shares on or around 3 November 2021 (the ‘First Admission’) and that Admission will become effective and dealing will commence in respect of the issue of 44,000,000 being the balance of the Placing Shares on or around 11 November 2021 (the ‘Second Admission’). The Placing and Subscription is conditional on Admission.

Total Voting Rights

Following the First Admission, the total issued share capital of the Company will be 250,981,717 and following the Second Admission this will be 294,981,717. The Company does not hold any Ordinary Shares in Treasury and accordingly the above figures of 250,981,717 and 294,981,717 respectively may then be used by shareholders, following the respective dates at which the Shares are issued, as the denominator for the calculations by which they will determine if they are required to notify their interest in Vast under the FCA's Disclosure and Transparency Rule.

Market Abuse Regulation (MAR) Disclosure

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of this announcement.

**ENDS**

For further information, visit www.vastplc.com or please contact:

Vast Resources plcAndrew Prelea (CEO)Andrew Hall (CCO)www.vastplc.com+44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated AdvisorRoland CornishJames Biddlewww.beaumontcornish.com+44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Joint Broker Jerry Keen (Corporate Broking)Toby Gibbs / James Thomas (Corporate Advisory)www.shorecapmarkets.co.uk +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint Broker Richard Hutchison www.axcap247.com +44 (0) 20 3206 0320
St Brides Partners LimitedSusie Geliherwww.stbridespartners.co.uk+44 (0) 20 7236 1177

ABOUT VAST RESOURCES PLC

Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania and Zimbabwe.

In Romania, the Company is focused on the rapid advancement of high-quality projects by recommencing production at previously producing mines.

The Company's Romanian portfolio includes 100% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M-3M tonnes exploration target. The Company is now working on confirming an enlarged exploration target of up to 5.8M tonnes.

The Company also owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance. The Company has been granted the Manaila Carlibaba Extended Exploitation Licence that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.

In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.

Date   Source Headline
7th Oct 20247:00 amGNWFunding Update
27th Sep 20247:00 amGNWHolding(s) in Company
24th Sep 20247:00 amGNWFinancing Update – Important clarification
23rd Sep 20247:00 amGNWFinancing Update
11th Sep 20247:00 amGNWEcologic Processing Association Agreement signed in connection with former Hanes Gold Mine, Romania & Operational Updates
10th Sep 20242:30 pmGNWHolding(s) in Company
3rd Sep 20242:45 pmGNWHolding(s) in Company
13th Aug 202412:00 pmGNWBaita Plai Association Licence Update
17th Jul 202410:04 amRNSHolding(s) in Company
15th Jul 20247:00 amRNSPlacing to Raise £600,000, Issue of Equity & TVR
27th Jun 20248:00 amGNWUpdate regarding Debt Funding from A & T Investments SARL
11th Jun 20247:00 amGNWTajikistan – Aprelevka Update
10th Jun 20241:36 pmGNWBaita Plai Update
4th Jun 20247:00 amGNWBaita Plai Q1 2024 Production Report and Aprelevka production update
22nd May 202412:00 pmRNSHolding(s) in Company
20th May 20247:00 amGNWHolding(s) in Company
15th May 20247:07 amRNSPlacing & Update on Refinancing
8th May 20241:12 pmGNWUpdate on Debt Funding
29th Apr 20247:00 amGNWUpdate on Funding and on Repayment of Asset Based Debt Facility & General Corporate Update
2nd Apr 202412:23 pmRNSHolding(s) in Company
13th Mar 20247:00 amGNWNew Copper Offtake Secured with Trafigura for Baita Plai
29th Feb 202412:32 pmGNWMiscellaneous
20th Feb 20247:00 amGNWHoldings in Company
14th Feb 20247:00 amRNSNotice of GM
7th Feb 20247:00 amRNSBaita Plai Q4 2023 Production Report
31st Jan 20247:00 amGNWInterim Results: 1 May 2023 – 31 October 2023
26th Jan 20242:30 pmGNWHolding(s) in Company
25th Jan 20242:00 pmGNWHolding(s) in Company
23rd Jan 20247:00 amGNWPlacing to raise £1,255,625
22nd Jan 20247:00 amGNWPlatinum Group Metals (PGM) Agreement
16th Jan 202410:05 amRNSCompletion of transaction regarding Aprelevka
15th Jan 20241:30 pmGNWUpdate on Debt Funding
7th Dec 202312:30 pmGNWMOU regarding Aprelevka Gold Mines
4th Dec 202312:00 pmGNWUpdate on Debt Funding
29th Nov 20233:30 pmGNWResults of AGM
28th Nov 20233:00 pmGNWDeath of Director
13th Nov 20238:00 amRNSHolding(s) in Company
6th Nov 202311:00 amGNWNotice of AGM
6th Nov 20237:00 amGNWUpdate on Debt Funding
31st Oct 20237:00 amGNWBaita Plai Q3 2023 Production Report
31st Oct 20237:00 amGNWFinal Results
23rd Oct 20233:47 pmRNSHolding(s) in Company
19th Oct 20237:00 amRNSTajikistan Update
6th Oct 20237:00 amGNWPlacing to raise £1,819,350 and Company Update
4th Oct 20237:00 amGNWUpdate on Debt Funding
3rd Oct 20236:05 pmGNWHolding(s) in Company
2nd Oct 20237:00 amGNWUpdate on Debt Funding
28th Sep 202312:37 pmGNWBaita Plai Update
22nd Sep 20237:00 amGNWBaita Plai Update
18th Sep 20237:00 amGNWCompany Update

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