VAST Vast Resources Plc

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   1 October 2019 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Subscription to raise GBP1,805,185.95 before costs 
 
   Documentation for a US$13,500,000 (net) finance facility expected to be 
signed later this week 
 
   Vast Resources plc, the AIM-listed mining company, is pleased to 
announce that it has raised in aggregate GBP1,805,185.95 before costs 
through a subscription (the "Subscription") of 902,592,977 ordinary 
shares of 0.1p in the Company (Ordinary Shares) at a price of 0.20p per 
Ordinary Share (the "Subscription Shares"). The subscription is by an 
asset manager specialised in natural resources. 
 
   The Subscription Shares are being issued under existing authorities 
available to the Board relating to the Company's Zimbabwe Projects.  The 
cash raised from the Subscription, which includes payment for 
expenditure already incurred, will be used for mobilisation and for 
general purposes necessary for the establishment of the operation in 
Zimbabwe. 
 
   The Company also announces that it expects signing binding documentation 
for a finance facility of US$13,500,000 (net) later this week, at which 
point a further announcement will be made including the material terms 
of the facility and the status of the existing Mercuria funding and 
other initiatives as previously announced. 
 
   Admission of and Dealings in the Subscription Shares 
 
   The issue of the Subscription Shares is conditional on their admission 
to trading on AIM ("Admission").  Application is being made for the 
Subscription Shares to be admitted to trading on AIM and it is expected 
that Admission will become effective and dealing in the Subscription 
Shares will commence on or around 7 October 2019.  The Subscription 
Shares will rank pari passu with existing Ordinary Shares. 
 
   Following Admission, the total issued share capital of the Company will 
be 10,219,082,366.  The above figure of 10,219,082,366 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.vastplc.com or please contact: 
 
 
 
 
Vast Resources plc               www.vastplc.com 
 Andrew Prelea (Chief Executive   +44 (0) 1491 615 232 
 Officer) 
 Andrew Hall 
Beaumont Cornish - Financial &   www.beaumontcornish.com 
 Nominated Adviser                +44 (0) 020 7628 3396 
 Roland Cornish 
 James Biddle 
SP Angel Corporate Finance LLP   www.spangel.co.uk 
 -- Broker                        +44 (0) 20 3470 0470 
 Richard Morrison 
 Caroline Rowe 
Blytheweigh                      www.blytheweigh.com 
 Tim Blythe                       +44 (0) 20 7138 3204 
 Megan Ray 
 
   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 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 commencement of the joint venture mining agreement 
on the Community Concession Block of the Chiadzwa 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 and the 
commencement of the of the Community Concession Block in Chiadzwa, 
Zimbabwe 
 
   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. 
 
   Attachment 
 
 
   -- Subscription to raise GBP1,805,185.95 before costs 
      https://ml-eu.globenewswire.com/Resource/Download/7844e196-9b3c-4e0c-8de4-db7537dc7067 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

October 01, 2019 05:44 ET (09:44 GMT)

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