VAST Vast Resources Plc

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   16 April 2020 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Placing to raise GBP600,000 before costs 
 
   Appointment of Joint Broker 
 
   Baita Plai Project and Chiadzwa Community Diamond Project update 
 
   Vast Resources plc, the AIM-listed mining company, is pleased to 
announce that it has raised in aggregate GBP600,000 before costs through 
a placing (the 'Placing') of 392,156,863 ordinary shares of 0.1p in the 
Company ('Ordinary Shares') at a price of 0.153p per Ordinary Share (the 
'Placing Shares'). 
 
   The Company is also pleased to announce the appointment today of Axis 
Capital Markets Limited, by whom the Placing was undertaken, as a joint 
broker to the Company. 
 
   The cash raised from the Placing will be used to maintain the Company's 
working capital in the light of the anticipated conclusion of the 
Chiadzwa Community Diamond Concession joint venture in Zimbabwe 
('Chiadzwa JV') and potential increased mobilisation and other costs due 
to the impact of the Covid-19 pandemic.  The Company remains confident 
that the Chiadzwa JV will nevertheless be concluded shortly. 
 
   The Company can reconfirm that shipping of equipment from China as 
previously announced remains all on track and that all equipment 
critical for the start of production at Baita Plai is now on the water. 
As matters stand, production at Baita Plai remains targeted to commence 
within the six month timeline from funding (in July) in accordance with 
previous announcements.  The Company can also confirm that the drilling 
programme at Baita Plai announced on 10 March 2020 is progressing 
according to plan, and a proportion of the capital raised will be used 
to purchase additional drilling equipment to make the process both more 
cost and time efficient whilst we look to enhance the JORC resource. 
 
   Admission of and dealings in the Placing Shares 
 
   Application has been made to AIM for the Placing Shares, which will rank 
pari passu with existing Ordinary Shares, to be admitted to trading on 
AIM ('Admission' ) in two tranches. It is expected that Admission will 
become effective and dealing will commence in respect of the issue of 
98,047,386 of the Placing Shares on or around 22 April 2020 (the "First 
Admission") and that Admission will become effective and dealing will 
commence in respect of the issue of 294,109,477 of the Placing Shares on 
30 April 2020 (the "Second Admission").   The Placing is conditional on 
Admission. 
 
   Following the First Admission, the total issued share capital of the 
Company will be 10,385,113,145 and following the Second Admission this 
will be 10,679,222,622.  The above figures of 10,385,113,145 and 
10,679,222,622 respectively may then be used by shareholders, following 
the respective dates at which the Shares are issued, 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 
 -- Joint Broker                  +44 (0) 20 3470 0470 
 Richard Morrison 
 Caroline Rowe 
Axis Capital Markets Limited --  www.axcap247.com 
 Joint Broker                     +44 (0) 20 3206 0320 
 Richard Hutchison 
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 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. 
 
   Attachment 
 
 
   -- Placing to raise GBP600,000 before costs 
      https://ml-eu.globenewswire.com/Resource/Download/80429786-22c6-49f9-a269-161abaf0798b 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

April 16, 2020 07:34 ET (11:34 GMT)

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