Last checked at 26 Apr 2022 11:00
Refinancing of Atlas Special Opportunities LLCVast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
26 April 2022
Vast Resources plc(“Vast” or the “Company”)
Refinancing of Atlas Special Opportunities LLC
Vast Resources plc, the AIM-listed mining company, is pleased to announce an update regarding Atlas Special Opportunities LLC (“Atlas”) and settlement of the first tranche of bonds under the Bond Issuance Deed announced on 24 October 2019 (“BID”).
Further to the announcement made on 12 April 2022, the Company continues to work on definitive legal documentation with the Swiss Investment Banking and Asset Management Boutique. To provide additional time to close the refinancing transaction , the Company and Atlas have executed a deed for a variation of terms to the BID to allow for a further three month extension to 31 July 2022 .
**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 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 Kamran Hussain | 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 |
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 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.