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30 Nov 2020 12:00
Progress on asset backed debt financeVast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 November 2020
Vast Resources plc(‘Vast’ or the ‘Company’)
Progress on asset backed debt finance
Vast Resources plc, the AIM-listed mining company, is pleased to confirm that it has received the detailed facility agreement from the international banking institution (the ‘Bank’) in relation to the previously announced asset backed debt financing linked to Vast’s now 100% owned Baita Plai Polymetallic Mine (‘Baita Plai’) in Romania.
The facility agreement, to be finalised between Vast and the Bank, will be presented to the Bank’s credit committee for final approval in a meeting that is scheduled for 15 December 2020.
Andrew Prelea, CEO of Vast Resources PLC commented: “The detailed facility agreement for the asset backed debt facility is an important milestone for Vast. The recommencement of mining at Baita Plai, the completion of the first commercial sale of copper concentrate, and the recent acquisition of the remaining 20% interest in Baiti Plai to give Vast 100% ownership and control of the mine, have all paved the way for us to reach this point. We look forward to securing final approval for the facility agreement and growing the Company as a low cost copper and polymetallic producer with the support of our new banking partner.”
**ENDS**
For further information, visit www.vastplc.com or please contact:
| Vast Resources plc Andrew Prelea (Chief Executive Officer)Andrew Hall | www.vastplc.com +44 (0) 20 7846 0974 |
| Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle | www.beaumontcornish.com +44 (0) 020 7628 3396 |
| SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe | www.spangel.co.uk +44 (0) 20 3470 0470 |
| Axis Capital Markets Limited – Joint Broker Richard Hutchison | www.axcap247.com +44 (0) 20 3206 0320 |
| St Brides Partners Limited Susie Geliher Charlotte Page | www.stbridespartners.co.uk +44 (0) 20 7236 1177 |
The 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 (“MAR”).
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 an 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.
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