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Pin to quick picksVast Res Regulatory News (VAST)

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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
18th Sep 20207:31 amGNWBaita Plai Update
10th Sep 202012:30 pmGNWDirector Share Purchase
10th Sep 20207:00 amGNWProgress on asset backed debt financing and Placing to raise £1,683,000 before costs
8th Sep 202010:45 amGNWBaita Plai Update
7th Sep 20207:00 amGNWBaita Plai Project Production and Operational Cash Flow & Baita Plai General Mine Update
1st Sep 20207:00 amGNWAtlas Special Opportunities LLC Interest Payment Election
21st Aug 20202:31 pmGNWPhotographs and Video of Baita Plai Production
17th Aug 20207:00 amGNWFurther Baita Plai Metallurgical Test Work Update
6th Aug 20207:00 amGNWBaita Plai Drilling programme returns highly encouraging results
30th Jul 20207:00 amGNWAtlas Special Opportunities LLC Interest Payment Election
24th Jul 20207:00 amGNWBaita Plai Polymetallic Mine Update
22nd Jul 20205:30 pmGNWExercise of Warrants and Issue of Equity
13th Jul 20207:00 amGNWBaita Plai Project Update
10th Jul 20204:40 pmRNSSecond Price Monitoring Extn
10th Jul 20204:35 pmRNSPrice Monitoring Extension
1st Jul 202011:05 amRNSSecond Price Monitoring Extn
1st Jul 202011:00 amRNSPrice Monitoring Extension
30th Jun 20202:30 pmGNWExercise of Warrants and Issue of Equity
30th Jun 20207:00 amGNWManaila Polymetallic Mine Update
29th Jun 20206:00 pmGNWAtlas Special Opportunities LLC Interest Payment Election
26th Jun 202012:00 pmGNWExtension of Open Offer Warrant Exercise Period
24th Jun 20206:27 pmGNWSubscription to raise £109,800 before costs
22nd Jun 20207:00 amGNWPlacing to raise £1,486,900 before costs
8th Jun 202011:05 amRNSSecond Price Monitoring Extn
8th Jun 202011:00 amRNSPrice Monitoring Extension
8th Jun 20207:00 amRNSBaita Plai Project update
5th Jun 20204:41 pmRNSSecond Price Monitoring Extn
5th Jun 20204:35 pmRNSPrice Monitoring Extension
1st Jun 20201:30 pmRNSAtlas Special Opportunities LLC Interest Payment Election
29th May 20202:45 pmRNSAxis Capital Markets Flash Note
27th May 20207:00 amRNSBaita Plai Project Update
26th May 20207:00 amRNSBaita Plai Project update
18th May 20207:00 amGNWPlacing and Subscription to raise £901,416.66 before costs
15th May 20206:12 pmGNWFurther Baita Plai Metallurgical Test Work Update
12th May 20207:00 amGNWBaita Plai Metallurgical Test Work Update
11th May 20207:00 amGNWBaita Plai Update
5th May 202011:00 amGNWBoard change
5th May 20207:00 amGNWBaita Plai Project update
4th May 20207:00 amGNWResponse to articles published by the Press in Zimbabwe last week
30th Apr 20207:00 amGNWAtlas Special Opportunities LLC Interest Payment Election
27th Apr 20207:00 amGNWBaita Plai Project update
16th Apr 202012:34 pmGNWPlacing to raise £600,000 before costs
1st Apr 20209:02 amGNWChiadzwa Community Diamond Project Update
31st Mar 20202:06 pmRNSSecond Price Monitoring Extn
31st Mar 20202:00 pmRNSPrice Monitoring Extension
31st Mar 202011:05 amRNSSecond Price Monitoring Extn
31st Mar 202011:00 amRNSPrice Monitoring Extension
31st Mar 20207:00 amGNWThe International Stock Exchange Bond Admission
31st Mar 20207:00 amGNWElection to pay in shares 29 March 2020 interest of $29,591.45 due to Atlas Special Opportunities LLC (‘Atlas’)
25th Mar 20204:41 pmRNSSecond Price Monitoring Extn

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