Vast Resources plc Placing And Subscription To Raise Gbp901,416.66 Before Costs
18 Maggio 2020 - 08:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
18 May 2020
Vast Resources plc
("Vast" or the "Company")
Placing and Subscription to raise GBP901,416.66 before costs
Vast Resources plc, the AIM-listed mining company, is pleased to
announce that it has raised in aggregate GBP901,416.66 before costs
through a placing (the 'Placing') and a subscription (the
'Subscription') of 600,944,440 ordinary shares of 0.1p in the Company
('Ordinary Shares') at a price of 0.15p per Ordinary Share (the 'Placing
and Subscription Shares').
The Placing was for 570,944,440 Ordinary Shares and was undertaken by
the Company's joint broker Axis Capital Markets Limited. The
Subscription was for 30,000,000 Ordinary Shares of which 23,333,333 were
taken up by Andrew Prelea and 6,666,667 were taken up by Paul Fletcher,
Directors of the Company.
The cash raised from the Placing and Subscription will be applied to
provide immediate funding of the costs of accelerating and expanding
the Company's drilling and metallurgical test work process as outlined
in the Company's announcement of 15 May and for general working capital.
Admission of and dealings in the Placing and Subscription Shares
Application has been made to AIM for the Placing and Subscription 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 230,000,000 of the Placing and Subscription Shares on or
around 22 May 2020 (the 'First Admission') and that Admission will
become effective and dealing will commence in respect of the issue of
370,944,440 of the Placing and Subscription Shares on or around 2 June
2020 (the 'Second Admission'). The Placing and Subscription is
conditional on Admission.
Following the First Admission, the total issued share capital of the
Company will be 10,924,805,145 and following the Second Admission this
will be 11,295,749,585. The above figures of 10,924,805,145 and
11,295,749,585 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.
Following Admission the Ordinary shares held by Andrew Prelea and Paul
Fletcher will be 66,512,809 and 24,048,104 respectively representing
0.59% and 0.21% respectively of the total enlarged share capital of the
Company.
CEO Andrew Prelea comments:
'As a consequence of the recently released metallurgical test results,
the Board and Management felt that it was prudent to accelerate further
test work and reports on the Baita Plai project to enhance its value for
the refinancing opportunity.
With the newly commissioned reports, expanded drilling and accelerated
test work, the intention is to achieve a greater asset value to
shareholders, in turn providing better long-term shareholder value.
We look forward to updating the market with updates related to financial
negotiations and the further test results as they occur'.
**ENDS**
For further information, visit www.vastplc.com or please contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (Chief Executive +44 (0) 20 7846 0974
Officer)
Andrew Hall
Beaumont Cornish - Financial & www.beaumontcornish.com
Nominated Adviser +44 (0) 20 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 a United Kingdom AIM listed mining company with
mines and projects in Romania and Zimbabwe - focused on the rapid
advancement of high quality projects by recommencing production at
previously producing mines in Romania and the 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.
1.
Details of the person discharging managerial responsibilities/person
closely associated
a)
Name:
Andrew Prelea
2.
Reason for the notification
a)
Position/status:
Chief Executive Officer
b)
Initial notification/Amendment:
Initial notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name:
Vast Resources Plc
b)
LEI:
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 GBP0.1 each
b)
Nature of the transaction:
Subscription
c)
Price(s) and volume(s):
Price(s) Volume(s)
---------- ----------
GBP0.0015 23,333,333
---------- ----------
d)
Aggregated information:
Aggregated volume:
Price:
Price(s) Volume(s)
---------- ----------
GBP0.0015 23,333,333
---------- ----------
e)
Date of the transaction:
22 May 2020
f)
Place of the transaction:
AIM, London Stock Exchange
1.
Details of the person discharging managerial responsibilities/person
closely associated
a)
Name:
Paul Fletcher
2.
Reason for the notification
a)
Position/status:
Finance Director
b)
Initial notification/Amendment:
Initial notification
3.
Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a)
Name:
Vast Resources Plc
b)
LEI:
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 GBP0.1 each
b)
Nature of the transaction:
Subscription
c)
Price(s) and volume(s):
Price(s) Volume(s)
---------- ---------
GBP0.0015 6,666,667
---------- ---------
d)
Aggregated information:
Aggregated volume:
Price:
Price(s) Volume(s)
---------- ---------
GBP0.0015 6,666,667
---------- ---------
e)
Date of the transaction:
22 May 2020
f)
Place of the transaction:
AIM, London Stock Exchange
Attachment
-- Placing and Subscription to raise GBP901,416.66 before costs
https://ml-eu.globenewswire.com/Resource/Download/8ffe448b-9841-4729-81e0-59221eb7fb9d
(END) Dow Jones Newswires
May 18, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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