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Pin to quick picksVast Res Regulatory News (VAST)

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Subscription to raise £900,000 before costs

30 May 2019 07:00



Subscription to raise £900,000 before costs

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

30 May 2019

Vast Resources plc (“Vast” or the “Company”)

Subscription to raise £900,000 before costs

Vast Resources plc, the AIM-listed mining company, is pleased to announce that it has raised in aggregate £900,000 before costs through a placing (the “Placing”) of 775,862,068 ordinary shares of 0.1p in the Company (Ordinary Shares) at a price of 0.116p per Ordinary Share (the “Placing Shares”). The Placing was undertaken by SVS Securities plc, joint broker to the Company.

The Placing Shares were issued under existing authorities available to the Board relating to the Baita Plai Polymetallic Mine (“Baita Plai”) and for general corporate purposes. The cash raised from the Placing has been calculated to be sufficient to meet all the Company’s financing needs in connection with its activities in Romania and general working capital until drawdown of the Loan Finance, as defined below.

As announced on 29 April 2019, the Company has received a draft term sheet containing the material indicative terms from a Swiss bank for a loan finance of up to US$10 million. This is to be applied in connection with the Company’s Romanian projects including full repayment of the US$4 million plus accrued interest by the Company to Mercuria. While due diligence on the provision of the Swiss bank loan finance and/or any equivalent (the “Loan Finance”) progresses, the Company plans to incur some of the necessary pre-production expenditure for Baita Plai in advance of the receipt of the Loan Finance. This will significantly reduce the lead time up to commencement of production.

The pre-production expenditure will include the commencement of the installation of a seven-kilometre tailings pipe to the tailings dam and, as is required in the Company’s licence, the installation of a new and independent electricity supply at Baita Plai in addition to the supply the Company has already installed. Expenditure will also include the cost of the independent report from SRK Consulting (UK) Ltd as mentioned in the Company’s announcement of 28 May 2019. The money raised from the Placing will be applied for these purposes plus for general expenses at Baita Plai and for general corporate purposes.

Admission of and Dealings in the Placing and Subscription SharesThe issue of the Placing Shares is conditional on their admission to trading on AIM ("Admission"). Application is being made for the Placing Shares to be admitted to trading on AIM and it is expected that Admission will become effective and dealing in the Placing Shares will commence on or around 4 June 2019. The Placing Shares will rank pari passu with existing Ordinary Shares.

Following Admission, the total issued share capital of the Company will be 8,721,033,379. The above figure of 8,721,033,379 may 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.

**ENDS**

For further information, visit www.vastresourcesplc.com or please contact:

Vast Resources plc Andrew Prelea (Chief Executive Officer) www.vastresourcesplc.com +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle www.beaumontcornish.com +44 (0) 020 7628 3396
SVS Securities Plc – Joint Broker Tom Curran Ben Tadd www.svssecurities.com +44 (0) 20 3700 0100
SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe www.spangel.co.uk +44 (0) 20 3470 0470
Blytheweigh Tim Blythe Megan Ray www.blytheweigh.com +44 (0) 20 7138 3204

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”). Notes

Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and finalising its Chiadzwa Community Development Trust joint venture on the Heritage Concession (Block T1A of the Marange Diamond Fields) in Zimbabwe.

The Company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards developing and recommissioning the mine on completion of funding.

Vast Resources owns the Manaila Polymetallic Mine in Romania, which was commissioned in 2015, currently on care and maintenance, and is focused on its expansion through the development of a second open pit operation and new metallurgical complex at the Carlibaba Extension Area. 


Date   Source Headline
14th Oct 20247:00 amGNWPlacing to raise £750,000
10th Oct 20247:00 amGNWCorporate Update
7th Oct 20247:00 amGNWFunding Update
27th Sep 20247:00 amGNWHolding(s) in Company
24th Sep 20247:00 amGNWFinancing Update – Important clarification
23rd Sep 20247:00 amGNWFinancing Update
11th Sep 20247:00 amGNWEcologic Processing Association Agreement signed in connection with former Hanes Gold Mine, Romania & Operational Updates
10th Sep 20242:30 pmGNWHolding(s) in Company
3rd Sep 20242:45 pmGNWHolding(s) in Company
13th Aug 202412:00 pmGNWBaita Plai Association Licence Update
17th Jul 202410:04 amRNSHolding(s) in Company
15th Jul 20247:00 amRNSPlacing to Raise £600,000, Issue of Equity & TVR
27th Jun 20248:00 amGNWUpdate regarding Debt Funding from A & T Investments SARL
11th Jun 20247:00 amGNWTajikistan – Aprelevka Update
10th Jun 20241:36 pmGNWBaita Plai Update
4th Jun 20247:00 amGNWBaita Plai Q1 2024 Production Report and Aprelevka production update
22nd May 202412:00 pmRNSHolding(s) in Company
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

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