Metals One doubles its resource estimate at Black Schist project following its Maiden JORC report. Watch the interview here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVast Res Regulatory News (VAST)

Share Price Information for Vast Res (VAST)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.1075
Bid: 0.105
Ask: 0.11
Change: 0.00 (0.00%)
Spread: 0.005 (4.762%)
Open: 0.105
High: 0.1075
Low: 0.105
Prev. Close: 0.1075
VAST Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Placing to raise £1,819,350 and Company Update

6 Oct 2023 07:00

Placing to raise £1,819,350 and Company Update

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

6 October 2023

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

Placing to raise £1,819,350Issue of Equity and TVRCompany Update

Vast Resources plc, the AIM-listed mining company, announces that it has raised £1,819,350 gross through a placing (the ‘Placing’) of 933,000,000 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.195p 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 a corporate level. At the Baita Plai Polymetallic Mine in Romania (“Baita Plai”) funds will also be applied to bridging any unforeseen operational related costs due to the recent protest action as well as to funding further expansion capital costs, the ongoing drilling programme and mine development costs.

Baita Plai The Company is pleased to announce it has now commenced commercial production of the lead/zinc concentrate.

Drilling continues at a rapid rate to enable the Company to extend the licence in 2024 and increase the resource. The Company is also advancing underground development as drill results highlight mineral rich areas in new locations that were not part of the current mine plan.

The Company will be updating the market regarding the Q3 2023 Production Report in the coming weeks. Tajikistan Further to the announcement made on 12 April 2023, the Company is pleased to report that the first commercial shipment of the lead/zinc concentrate to Trafigura will be completed this week with further shipments being planned.

Funding Based on current strategy and updated expectations the Company does not believe it will need to raise further equity funding for the foreseeable future.

Asset Backed Debt As stated in the announcement made on 4 October 2023, the Company has agreed an extension with Mercuria Energy Trading SA and Alpha Investments SARL to 30 November 2023 that should allow the additional time necessary to finalise the settlement of its historic claims outlined in previous announcements. The Company, once documentation is concluded, will make a further announcement.

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 154,500,000 Shares on or around 12 October 2023 (the “First Admission”) and Admission will become effective and dealing will commence in respect of the issue of 778,500,000 being the balance of the Placing Shares on or around 20 October 2023 (the “Second Admission”). The Placing is conditional on Admission.

Following the First Admission, the total issued share capital of the Company will be 3,568,144,142 and following the Second Admission this will be 4,346,644,142. The Company does not hold any Ordinary Shares in Treasury and accordingly the above figures of 3,568,144,142 and 4,346,644,142 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 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 Toby Gibbs / James Thomas (Corporate Advisory)www.shorecapmarkets.co.uk +44 (0) 20 7408 4050
Axis Capital Markets Limited – Joint Broker Richard Hutchinsonwww.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, 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.

Date   Source Headline
25th Mar 20204:36 pmRNSPrice Monitoring Extension
23rd Mar 20203:00 pmGNWBaita Plai Project & Chiadzwa Community Diamond Project Update
20th Mar 20209:57 amGNWBaita Plai Project Update
18th Mar 20202:05 pmRNSSecond Price Monitoring Extn
18th Mar 20202:01 pmRNSPrice Monitoring Extension
18th Mar 202011:06 amRNSSecond Price Monitoring Extn
18th Mar 202011:00 amRNSPrice Monitoring Extension
18th Mar 20207:00 amGNWBaita Plai Project Update
16th Mar 20207:00 amGNWBaita Plai Update
11th Mar 20204:40 pmRNSSecond Price Monitoring Extn
11th Mar 20204:35 pmRNSPrice Monitoring Extension
10th Mar 202010:35 amGNWBaita Plai Project Update
3rd Mar 20202:19 pmGNWChiadzwa Community Diamond Project Update
3rd Mar 20202:05 pmRNSSecond Price Monitoring Extn
3rd Mar 20202:00 pmRNSPrice Monitoring Extension
31st Jan 20207:00 amGNWCompletion of Tranche 1 Atlas Capital Markets Drawdown
30th Jan 20207:00 amGNWUpdate on Tranche 1 Atlas Capital Markets Drawdown
17th Jan 20203:00 pmGNWInterim Results: 1 May 2019 - 31 October 2019
2nd Jan 20203:52 pmGNWExercise of Warrants and Issue of Equity
2nd Jan 20207:00 amGNWFunding Update
31st Dec 201912:31 pmGNWExercise of Warrants and Issue of Equity
24th Dec 20197:00 amGNWMiscellaneous
23rd Dec 20197:00 amGNWDrilling commences at Baita Plai Polymetallic Mine
18th Dec 20197:00 amGNWFunding Update
16th Dec 20197:00 amGNWCold Commissioning of Baita Plai Polymetallic Mine
13th Dec 20194:30 pmGNWSP Angel Initiation Note
3rd Dec 201910:28 amGNWRevised Agreement with Botswana Diamonds plc announced on 28 November 2019 Clarification
28th Nov 20197:00 amGNWRevised Agreement with Botswana Diamonds plc re Chiadzwa Community Diamond Concession in the Marange Diamond Fields
11th Nov 20197:00 amGNWAppointment of Director
8th Nov 20192:35 pmGNWResult of General Meeting
7th Nov 20194:40 pmRNSSecond Price Monitoring Extn
7th Nov 20194:35 pmRNSPrice Monitoring Extension
7th Nov 20193:46 pmGNWSubscription for shares under the Company’s Share Appreciation Rights Scheme
7th Nov 20192:05 pmRNSSecond Price Monitoring Extn
7th Nov 20192:00 pmRNSPrice Monitoring Extension
6th Nov 20195:07 pmGNWResult of AGM
5th Nov 201911:11 amGNWAward of rights under the Company’s Share Appreciation Rights Scheme
29th Oct 20195:32 pmGNWDirector Share Purchase
25th Oct 20197:00 amGNWExercise of Warrants and Issue of Equity
24th Oct 20198:05 amGNWLetter to Shareholders & Notice of General Meeting
24th Oct 20198:00 amGNWDocumentation signed for US$15,000,000 (US$13,500,000 net) facility
23rd Oct 20194:40 pmRNSSecond Price Monitoring Extn
23rd Oct 20194:35 pmRNSPrice Monitoring Extension
22nd Oct 20194:35 pmRNSPrice Monitoring Extension
22nd Oct 20192:26 pmGNWUpdate
22nd Oct 20192:05 pmRNSSecond Price Monitoring Extn
22nd Oct 20192:00 pmRNSPrice Monitoring Extension
18th Oct 20194:41 pmRNSSecond Price Monitoring Extn
18th Oct 20194:35 pmRNSPrice Monitoring Extension
14th Oct 20195:28 pmGNWNotice of AGM and posting of Annual Report

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.