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Placing to raise £2,382,500, Baita Plai Update and Director Dealing

6 Feb 2023 07:00

Placing to raise £2,382,500, Baita Plai Update and Director Dealing

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

06 February 2023

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

Placing to raise £2,382,500Baita Plai Update Director Dealing

Vast Resources plc, the AIM-listed mining company, announces that it has raised £2,382,500 gross through a placing and subscription (the ‘Placing and Subscription’) of 433,181,818 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.55p per Ordinary Share (the ‘Placing and Subscription Shares’). The Placing was undertaken by the Company’s joint broker, Axis Capital Markets Ltd (‘Axis’) in addition to participation from Shore Capital Stockbrokers Limited and Andrew Prelea, CEO of Vast Resources PLC.

The net cash raised from the Placing and Subscription will be focused on the ongoing drilling programme and the production ramp up at the Company’s Baita Plai Polymetallic Mine in Romania (‘Baita Plai’), as it continues to move towards realising name plate capacity of 14,000 tonnes per month in H1 2023 following a strong Q4 2022 production and sales performance.

The Company is seeking to prove up and obtain a Mineral Reserve as well as increase its Measured and Indicated Resource, with particular focus on confirming the enlarged Exploration Target of up to 5.8 million tonnes with grades of 0.50–2.00% copper, 0.20–0.80 g/t gold and 40-80g/t silver that formed a part of the historic NAEN code Resource. The resource expansion project will be split in two phases: the first focused on confirming Resources for exploitation in the near future to support production ramp up, and the second focused on resource expansion and to identify additional mining areas for the future, to enable the underground access preparation.

The funds will also be used to ensure the Company can clear its current corporate obligations as well as reduce its creditor position, including a debt reduction payment to Mercuria Energy Trading SA (‘Mercuria’) in line with the terms of the intercreditor agreement between the Company, Mercuria & Alpha Credit SA as announced on 16 May 2022.

Baita Plai Update

Vast is pleased to confirm that production at Baita Plai continues to exceed projections and the Company is on track, based on current commodity prices, to achieve name plate capacity in H1 2023 as previously announced on 4 January 2023. The Company also continues to make improved regular monthly sales of concentrate.

Directors' Dealing

Andrew Prelea, Chief Executive Officer and a Director of the Company, participated in the Placing in the amount of 15,000,000 shares for a total consideration of £82,500.

The table below sets out the details of the purchase of Ordinary Shares and resulting shareholding following the purchase. The PDMR form is set out at the bottom of this announcement.

DirectorOrdinary Shares in which the subscriber is interested prior to the PlacingNumber of Shares subscribed forValue of Shares subscribed forOrdinary Shares in which the Placee is interested following the Placing% of Enlarged Share Capital
Andrew Prelea16,065,14715,000,000£82,50031,065,1471.14%

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 69,545,454 Shares on or around 10 February 2023 (the “First Admission”) and Admission will become effective and dealing will commence in respect of the issue of 363,636,364 being the balance of the Placing Shares on or around 20 February 2023 (the “Second Admission”). The Placing and Subscription is conditional on Admission.

Following the First Admission, the total issued share capital of the Company will be 2,351,188,778 and following the Second Admission this will be 2,714,825,142. The Company does not hold any Ordinary Shares in Treasury and accordingly the above figures of 2,351,188,778 and 2,714,825,142 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.

Notification and public disclosure of transactions by persons discharging managerial responsibilities ('PDMRs')

Details of the person discharging managerial responsibilities/person closely associated 
a. Name Andrew Prelea 
Reason for notification 
a. Position/Status Chief Executive Officer 
b. Initial notification/ Amendment Initial notification 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 
a. Name Vast Resources Plc 
b. LEI  213800QXLO766CMGCQ60
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted 
a. Description of the financial instrument, type of instrument Identification Code  Ordinary shares of £0.001 each ISIN - GB00BMD68046CFI Code - ESVUFR 
b. Nature of the transaction Subscription for ordinary shares of £0.001 each 
c. Price(s) and volume(s)      
 Price(s) Volume(s)  
0.55 pence 15,000,000 
 
d. Aggregated information  N/A
e. Date of the transaction 6 February 2023
f. Place of the transaction London, UK 
         

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 Geliher / Charlotte Pagewww.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
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
1st Sep 202310:00 amGNWUpdate on Debt Funding
7th Aug 20237:00 amGNWCompany Update
2nd Aug 20237:00 amGNWBaita Plai Q2 Production Report
28th Jul 20231:00 pmGNWMajor Institutional Shareholder TR-1 Disclosure
19th Jul 20238:32 amGNWInstitutional Shareholder TR-1 Disclosure
17th Jul 20237:00 amRNSPhase 1 Drill Results at Baita Plai Mine
14th Jul 20235:18 pmRNSBaita Plai Report
7th Jul 20237:00 amGNWPlacing to Raise £1.7m and Company Update
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

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