Vast Resources plc Completion Of Tranche 1 Atlas Capital Markets Drawdown
31 Gennaio 2020 - 08:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
31 January 2020
Vast Resources plc
("Vast" or the "Company")
Completion of Tranche 1 Atlas Capital Markets Drawdown
Vast Resources plc, the AIM-listed mining company, is pleased to
announce that the Tranche 1 drawdown process of the Atlas Capital
Markets Ltd adjoined with Atlas Special Opportunities LLC (jointly
"Atlas") facility under the Bond Issue Deed announced on 24 October 2019
has been completed and that confirmation of payment has now been
received.
The par value of the Bond is US$7,101,947 providing net cash proceeds
before costs of US$6,391,752.
As part of the transaction, the Company has executed a tripartite
intercreditor agreement ("ICA") with Mercuria Energy Trading SA
("Mercuria") and Atlas.
The main terms of the ICA are as follows:
-- Upon completion of the Conditions Precedent (CP's), Mercuria will agree
to a standstill period for the duration of the Atlas facility subject to
certain terms and conditions.
-- Full repayment of balance of debt to Sub-Sahara Goldia Investments
("SSGI") and release of security following payment to SSGI of
US$1,000,000 out of drawdown of Tranche 1.
-- $1,000,000 cash payment to Mercuria upon drawdown of Tranche 1.
-- Subject to certain terms and conditions and completion of CP's the
remaining principal and interest, fees and costs accrued on the remaining
existing Mercuria Tranche A facility will be recovered from future cash
flow.
-- Offtake agreements will remain with Mercuria.
It should be noted that AP Mining Group Ltd, the owner of a 20% interest
in Baita Plai Polymetallic Mine ("Baita Plai") in Romania, is a party to
the ICA and has pledged its 20% interest in Baita Plai.
The Directors of Vast who own shares in the Company have also executed a
Share Escrow Agreement with Atlas whereby the Directors are offering,
for no monetary reward, substantially the whole of their personal
shareholdings in the Company, amounting in aggregate to 143,140,500
shares ("Shares"), as guarantees for certain of the Company's
obligations under the Bond Issue Deed together with the achievement of
certain milestones. The Shares will be released back to the Directors
upon the achievement of these obligations and milestones. Atlas have
agreed that the Shares will remain in the beneficial ownership of the
Director concerned and they will not in any circumstances deal in or
encumber the Shares in any way during the escrow period. Details of the
individual participations in the form of PDMR disclosures are set out in
the Appendix below
Andrew Prelea, CEO of Vast Resources PLC, commented:
"We are pleased that Tranche 1 of the Atlas Capital Markets facility has
been achieved and with the opportunity that this unlocks. The Board of
Directors and Management have worked extremely hard restructuring the
Company in order to get to this point which gives the Company a clear
path to production at the Baita Plai Polymetallic Mine.
We look forward to updating the market, as and when, on our progress at
Baita Plai."
**S**
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 mining and
exploration interests 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 now currently underway
towards developing and recommissioning the mine and 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.
APPIX
The notification below, made in accordance with the requirements of the
EU Market Abuse Regulation, provides further detail in respect of the
arrangements with Directors as described above.
DIRECTOR/PDMR DISCLOSURES
1
Details of the person discharging managerial responsibilities / person
closely associated
a)
Name
Roy Clifford Tucker
2
Reason for notification
a)
Position / status
Director
b)
Initial notification
/Amendment
Initial
3
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Vast Resources plc
b)
LEI
213800QXLO766CMGCQ60
4
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of 0.1 pence each in Vast Resources plc ("Vast Shares")
Nature of the transaction
Roy Tucker has placed into Escrow 66,925,587 shares as a guarantee for
certain of the Company's obligations and milestones under a Bond Issue
Deed signed by the Company which will be released back upon the
achievement of these obligations and milestones. The shares remain in
the beneficial ownership of Roy Tucker. The market value of the shares
at a current price of 0.28p is GBP187,391.64.
c)
Price(s) and volumes(s)
Price(s) Volumes(s)
----------- ----------
0.28 pence 66,925,587
----------- ----------
d)
Aggregated information
n/a
e)
Date of the transaction
29 January 2020
f)
Place of the transaction
Off market
1
Details of the person discharging managerial responsibilities / person
closely associated
a)
Name
Richard Andrew Prelea
2
Reason for notification
a)
Position / status
Chief Executive Officer
b)
Initial notification
/Amendment
Initial
3
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Vast Resources plc
b)
LEI
213800QXLO766CMGCQ60
4
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of 0.1 pence each in Vast Resources plc ("Vast Shares")
Nature of the transaction
Andrew Prelea, Director, has placed into Escrow 43,179,476 shares as a
guarantee for certain of the Company's obligations and milestones under
a Bond Issue Deed signed by the Company which will be released back upon
the achievement of these obligations and milestones. The shares remain
in the beneficial ownership of Andrew Prelea. The market value of the
shares at a current price of 0.28p is GBP120,902.53.
c)
Price(s) and volumes(s)
Price(s) Volumes(s)
----------- ----------
0.28 pence 43,179,476
----------- ----------
d)
Aggregated information
n/a
e)
Date of the transaction
29 January 2020
f)
Place of the transaction
Off market
1
Details of the person discharging managerial responsibilities / person
closely associated
a)
Name
Brian Michael Moritz
2
Reason for notification
a)
Position / status
Chairman
b)
Initial notification
/Amendment
Initial
3
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Vast Resources plc
b)
LEI
213800QXLO766CMGCQ60
4
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of 0.1 pence each in Vast Resources plc ("Vast Shares")
Nature of the transaction
Brian Moritz, Director, has placed into Escrow 10,000,000 shares as a
guarantee for certain of the Company's obligations and milestones under
a Bond Issue Deed signed by the Company which will be released back upon
the achievement of these obligations and milestones. The shares remain
in the beneficial ownership of Brian Moritz. The market value of the
shares at a current price of 0.28p is GBP28,000.00.
c)
Price(s) and volumes(s)
Price(s) Volumes(s)
----------- ----------
0.28 pence 10,000,000
----------- ----------
d)
Aggregated information
n/a
e)
Date of the transaction
29 January 2020
f)
Place of the transaction
Off market
1
Details of the person discharging managerial responsibilities / person
closely associated
a)
Name
Paul Edward Fletcher
2
Reason for notification
a)
Position / status
Finance Director
b)
Initial notification
/Amendment
Initial
3
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Vast Resources plc
b)
LEI
213800QXLO766CMGCQ60
4
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of 0.1 pence each in Vast Resources plc ("Vast Shares")
Nature of the transaction
Paul Fletcher, Director, has placed into Escrow 17,381,437 shares as a
guarantee for certain of the Company's obligations and milestones under
a Bond Issue Deed signed by the Company which will be released back upon
the achievement of these obligations and milestones. The shares remain
in the beneficial ownership of Paul Fletcher. The market value of the
shares at a current price of 0.28p is GBP48,668.02.
c)
Price(s) and volumes(s)
Price(s) Volumes(s)
----------- ----------
0.28 pence 17,381,437
----------- ----------
d)
Aggregated information
n/a
e)
Date of the transaction
29 January 2020
f)
Place of the transaction
Off market
1
Details of the person discharging managerial responsibilities / person
closely associated
a)
Name
Craig James Harvey
2
Reason for notification
a)
Position / status
Chief Operating Officer
b)
Initial notification
/Amendment
Initial
3
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name
Vast Resources plc
b)
LEI
213800QXLO766CMGCQ60
4
Details of the transaction(s): section to be repeated for (i) each type
of instrument; (ii) each type of transaction; (iii) each date; and (iv)
each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
Identification code
Ordinary shares of 0.1 pence each in Vast Resources plc ("Vast Shares")
Nature of the transaction
Craig Harvey, Director, has placed into Escrow 5,650,000 shares as a
guarantee for certain of the Company's obligations and milestones under
a Bond Issue Deed signed by the Company which will be released back upon
the achievement of these obligations and milestones. The shares remain
in the beneficial ownership of Craig Harvey. The market value of the
shares at a current price of 0.28p is GBP15,820.00.
c)
Price(s) and volumes(s)
Price(s) Volumes(s)
----------- ----------
0.28 pence 5,650,000
----------- ----------
d)
Aggregated information
n/a
e)
Date of the transaction
29 January 2020
f)
Place of the transaction
Off market
Attachment
-- Completion of Tranche 1 Atlas Capital Markets Drawdown
https://ml-eu.globenewswire.com/Resource/Download/b50463f6-fc02-421c-8790-bd910082020f
(END) Dow Jones Newswires
January 31, 2020 02:00 ET (07:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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