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Placing to Raise £1.7m and Company Update

7 Jul 2023 07:00

Placing to Raise £1.7m and Company Update

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

7 July 2023

Vast Resources plc(‘Vast’ or the ‘Company’)

Placing to raise £1,701,000Issue of Equity and TVRCompany Update

Vast Resources plc, the AIM-listed mining company, announces that it has raised £1,701,000 gross through a placing (the ‘Placing’) of 486,000,000 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.35p per Ordinary Share (the ‘Placing’). The Placing was undertaken by the Company’s joint broker, Axis Capital Markets Ltd (‘Axis’).

The net cash raised from the Placing will be used for working capital and to ensure the Company can meet its current corporate obligations both in Romania and at corporate level, applied to bridging any unforeseen operational related costs as well funding further expansion capital costs, and the ongoing drilling programme and mine development costs at the Company’s Baita Plai Polymetallic Mine in Romania (‘Baita Plai’).

Recovery of Historic ParcelAs stated in the announcement made on 4 July 2023, the Company continues to liaise with the appropriate organisations regarding the procedure for the handover of the historic parcel currently held in the Reserve Bank of Zimbabwe. The Placing is necessary to give the Company liquidity until the process has been finalised and implemented and the sale of the parcel can proceed. The Company will update the market with further news.

Asset Backed Debt As stated in the announcement made on 3 July 2023, the Company is in continued discussions with Mercuria Energy Trading SA and Alpha Investments SARL about a further extension on the repayment of debt totalling approximately $8.4m which was repayable in full on 30 June 2023. The Company, once discussions are successfully concluded, will make a further announcement regarding a formalised extension agreement.

Baita Plai The Company will be updating the market regarding the Q2 2023 Production Report in the coming weeks and drilling results achieved to date from the drilling programme. The Company can however report that operational breakeven has been achieved in June 2023 and that name plate capacity is now anticipated to be met in Q3 rather than H1 2023.

Admission of the Placing Shares & Total Voting Rights

Application will be 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 58,500,000 Shares on or around 13 July 2023 (the “First Admission”) and Admission will become effective and dealing will commence in respect of the issue of 427,500,000 being the balance of the Placing Shares on or around 25 July 2023 (the “Second Admission”). The Placing is conditional on Admission.

Following the First Admission, the total issued share capital of the Company will be 2,986,144,142 and following the Second Admission this will be 3,413,644,142. The Company does not hold any Ordinary Shares in Treasury and accordingly the above figures of 2,986,144,142 and 3,413,644,142 may then be used by shareholders 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.

Important NoticesThis announcement contains 'forward-looking statements' concerning the Company that are subject to risks and uncertainties. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely. The Company cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.

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 plc Andrew Prelea (CEO)Andrew Hall (CCO) www.vastplc.com +44 (0) 20 7846 0974
Beaumont Cornish – Financial & Nominated AdvisorRoland CornishJames Biddle www.beaumontcornish.com+44 (0) 20 7628 3396
Shore Capital Stockbrokers Limited – Joint Broker Toby Gibbs / James Thomas (Corporate Advisory)   www.shorecapmarkets.co.uk  +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint Broker Richard Hutchinson www.axcap247.com  +44 (0) 20 3206 0320
St Brides Partners LimitedSusie Geliher / Charlotte Page www.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, Tajikistan, 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 Vast Baita Plai SA which owns 100% of 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 the Company is looking to bring back into production following a period of care and maintenance. The Company has also 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.

Vast has an interest in a joint venture company which provides a share of revenue generated from the Takob Mine processing facility in Tajikistan. The Takob Mine opportunity, which is 100% financed, will provide Vast with a 12.25 percent royalty equivalent over all sales of non-ferrous concentrate and any other metals produced.

In Zimbabwe, the Company is preparing for the release of its diamonds previously mined by the Company and preparing for their marketing. Upon the finalisation of the process the Company will recommence its focus on the finalisation of the mining agreement on the Community Diamond Concession in the Marange Diamond Fields.

Date   Source Headline
4th Jul 20233:00 pmGNWCompany Update
3rd Jul 20237:00 amGNWCompany Update
26th Jun 20231:30 pmGNWResults of General Meeting
21st Jun 20239:56 amGNWDebt Extension Confirmation
16th Jun 20234:00 pmGNWHolding(s) in Company
16th Jun 20238:30 amGNWInstitutional Investor TR-1 Disclosure
9th Jun 20238:00 amGNWNotice of General Meeting
15th May 20237:00 amGNWCompany Update
4th May 20233:45 pmRNSTotal Voting Rights
24th Apr 20234:14 pmGNWAward of rights under the Company’s Share Appreciation Rights Scheme
20th Apr 20232:30 pmGNWMajor Institutional Shareholder TR-1 Disclosure
14th Apr 20237:00 amGNWMajor Institutional Shareholder TR-1 Disclosure
12th Apr 20237:05 amGNWPlacing to raise £978,967.40 and Baita Plai Update
12th Apr 20237:00 amGNWBaita Plai Q1 Production Report & Update, Tajikistan Update and Settlement Update
31st Mar 20237:00 amGNWUpdate on announcement of 6 February 2023
28th Mar 20234:35 pmRNSPrice Monitoring Extension
3rd Mar 20237:00 amGNWBoard Update
27th Feb 20237:00 amGNWReport on Technical Programme for Baita Plai Mine - Exploration Target for Mineral Resource upgrade and establishment of an Ore Reserve
6th Feb 202312:00 pmGNWSettlement Discussions Update
6th Feb 20237:00 amGNWPlacing to raise £2,382,500, Baita Plai Update and Director Dealing
3rd Feb 202311:20 amGNWHolding(s) in Company
3rd Feb 20239:00 amRNSPrice Monitoring Extension
2nd Feb 20234:40 pmRNSSecond Price Monitoring Extn
2nd Feb 20234:35 pmRNSPrice Monitoring Extension
2nd Feb 20239:00 amRNSPrice Monitoring Extension
2nd Feb 20237:00 amGNWSettlement Discussions Update
1st Feb 20234:40 pmRNSSecond Price Monitoring Extn
1st Feb 20234:35 pmRNSPrice Monitoring Extension
31st Jan 202310:15 amGNWInterim Results: 1 May 2022 – 31 October 2022
30th Jan 202311:05 amRNSSecond Price Monitoring Extn
30th Jan 202311:00 amRNSPrice Monitoring Extension
23rd Jan 20238:00 amGNWAIM Rule 11 Update
4th Jan 20237:00 amGNWQ4 2022 Baita Plai Production Report
16th Dec 20227:00 amGNWBaita Plai Update
1st Dec 20221:00 pmGNWResults of Annual General Meeting
15th Nov 20227:00 amGNWHolding(s) in Company
14th Nov 20227:00 amGNWBaita Plai Update
8th Nov 20227:00 amGNWNotice of Annual General Meeting
28th Oct 20224:40 pmRNSSecond Price Monitoring Extn
28th Oct 20224:35 pmRNSPrice Monitoring Extension
24th Oct 20222:40 pmGNWResult of General Meeting
21st Oct 20227:00 amGNWQ3 2022 Baita Plai Production Report
7th Oct 202212:00 pmGNWNotice of General Meeting
6th Oct 20227:00 amGNWNew Strategic Offtake Relationship in Tajikistan
26th Sep 20227:00 amGNWPlacing to raise £656,000 and Baita Plai Operational Update
22nd Aug 202211:05 amRNSSecond Price Monitoring Extn
22nd Aug 202211:00 amRNSPrice Monitoring Extension
15th Aug 20228:00 amGNWTakob Processing Project Update
1st Aug 202211:05 amRNSSecond Price Monitoring Extn
1st Aug 202211:00 amRNSPrice Monitoring Extension

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