VAST Vast Resources Plc

 
TIDMVAST 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Revised Agreement with Botswana Diamonds plc re Chiadzwa Community 
Diamond Concession in the Marange Diamond Fields 
 
   Vast Resources plc, the AIM listed mining company with operations in 
Romania and Zimbabwe, is pleased to announce that it has revised its 
agreement with Botswana Diamonds plc ("BOD") as a consulting partner in 
the development of the Chiadzwa Community Diamond Concession in the 
Marange Diamond Fields of Zimbabwe ("the Agreement").  BOD is a 
specialist diamond explorer and miner and has developed considerable 
knowhow on all matters concerned with the exploration and mining of 
diamonds, the benefit of which will accrue to all shareholders in the 
Chiadzwa Community Diamond Concession as a consequence of the Agreement. 
 
 
   A summary of the principal terms of the Agreement are: 
 
 
   -- A Special Purpose Vehicle ("SPV") has been created by Vast to hold the 
      interests of the Company in Katanga Mining (pvt) Ltd, the joint venture 
      company for the Chiadzwa Community JV. 
 
 
   -- At the time of finalisation by the Company of a detailed agreement 
      between Katanga  and ZCDC with no conditions precedent outstanding or 
      earlier if so determined by the Company ('Finalisation'), BOD will 
      receive 2.5% of the SPV shares so that the shareholdings in the SPV will 
      be BOD 2.5% and Vast 97.5% and the further terms of the Agreement will 
      come into effect. 
 
 
   -- BOD will provide to Vast free of charge immediately and for a period of 5 
      years from Finalisation the benefit of its knowhow (for a minimum of 40 
      hours per month) as shall be appropriate on all aspects of exploration, 
      mining, processing and marketing in relation to the Chiadzwa Community 
      Diamond Concession. 
 
 
   -- Vast will provide all capital requirements for the project commencement 
      on a loan account to SPV up to US$10million. 
 
 
   -- If BOD wishes to sell or dispose of its interest in Newco, the New 
      Agreement grants Vast the right (but not the obligation) to acquire BOD's 
      interest in Newco at fair value. 
 
 
   Andrew Prelea, CEO, commented: 
 
   "As a result of the recent agreement with the Chiadzwa Community and 
pre-agreed joint venture terms on the Chiadzwa Community Diamond 
Concession in the Marange Diamond Fields, the Company was required to 
review its current agreement with Botswana Diamonds plc ('BOD') and 
decided that we wished to continue our relationship with BOD as a 
consulting party that can add significant value to the project." 
 
   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 Chiadzwa 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. 
 
   Attachment 
 
 
   -- Revised Agreement with Botswana Diamonds plc re Chiadzwa Community 
      Diamond Concession in the Marange Diamond Fields 
      https://ml-eu.globenewswire.com/Resource/Download/c73b6ddf-845e-4cbb-9d4c-efe51f467191 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 28, 2019 02:00 ET (07:00 GMT)

Grafico Azioni Vast Resources (LSE:VAST)
Storico
Da Mar 2024 a Apr 2024

Grafico Azioni Vast Resources (LSE:VAST)
Storico
Da Apr 2023 a Apr 2024