TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
12 April 2023
Vast Resources plc
('Vast' or the 'Company')
Placing to raise GBP978,967.40
Baita Plai Update
Vast Resources plc, the AIM-listed mining company, announces
that it has raised GBP978,967.40 gross through a placing (the
'Placing') of 212,819,000 ordinary shares of 0.1p in the Company
('Ordinary Shares') at a price of 0.46p per Ordinary Share. The
Placing was undertaken by the Company's joint broker, Axis Capital
Markets Ltd ('Axis').
The net cash raised from the Placing will be used for an
immediate upgrade to underground equipment to maintain the
underground production ramp up and the continuation of the ongoing
drilling programme at the Company's Baita Plai Polymetallic Mine in
Romania ('Baita Plai'), and to maintain its corporate obligations,
as it continues to move towards realising name plate capacity of
14,000 tonnes per month in H1 2023 following a strong Q1 2023
production performance.
It was anticipated that the settlement of the historic claims in
Zimbabwe would have concluded sooner, and this Placing provides
liquidity until the settlement is finalised, expected end of April
or early May 2023.
Admission of the Placing Shares & Total Voting Rights
Application will be 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 67,000,000 Shares on or around 18 April 2023 (the "First
Admission") and Admission will become effective and dealing will
commence in respect of the issue of 145,819,000 being the balance
of the Placing Shares on or around 26 April 2023 (the "Second
Admission"). The Placing is conditional on Admission.
Following the First Admission, the total issued share capital of
the Company will be 2,781,825,142 and following the Second
Admission this will be 2,927,644,142. The Company does not hold any
Ordinary Shares in Treasury and accordingly the above figures of
2,781,825,142 and 2,927,644,142 may then 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.
Important Notices
This announcement contains 'forward-looking statements'
concerning the Company that are subject to risks and uncertainties.
Generally, the words 'will', 'may', 'should', 'continue',
'believes', 'targets', 'plans', 'expects', 'aims', 'intends',
'anticipates' or similar expressions or negatives thereof identify
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed in the forward-looking
statements. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate
precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The
reader is cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. The Company does not undertake any obligation to
update or revise publicly any of the forward-looking statements set
out herein, whether as a result of new information, future events
or otherwise, except to the extent legally required.
Market Abuse Regulation (MAR) Disclosure
Certain 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 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR") until the release of this announcement.
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Andrew Hall (CCO)
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie Geliher www.stbridespartners.co.uk
+44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company
with mines and projects in Romania, Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of
high-quality projects by recommencing production at previously
producing mines.
The Company's Romanian portfolio includes 100% interest in Vast
Baita Plai SA which owns 100% of the producing Baita Plai
Polymetallic Mine, located in the Apuseni Mountains, Transylvania,
an area which hosts Romania's largest polymetallic mines. The mine
has a JORC compliant Reserve & Resource Report which underpins
the initial mine production life of approximately 3-4 years with an
in-situ total mineral resource of 15,695 tonnes copper equivalent
with a further 1.8M-3M tonnes exploration target. The Company is
now working on confirming an enlarged exploration target of up to
5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania,
which the Company is looking to bring back into production
following a period of care and maintenance. The Company has also
been granted the Manaila Carlibaba Extended Exploitation Licence
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence
area.
Vast has an interest in a joint venture company which provides a
share of revenue generated from the Takob Mine processing facility
in Tajikistan. The Takob Mine opportunity, which is 100% financed,
will provide Vast with a 12.25 percent royalty equivalent over all
sales of non-ferrous concentrate and any other metals produced.
In Zimbabwe, the Company is preparing for the release of its
diamonds previously mined by the Company and preparing for their
marketing. Upon the finalisation of the process the Company will
recommence its focus on the finalisation of the mining agreement on
the Community Diamond Concession in the Marange Diamond Fields.
(END) Dow Jones Newswires
April 12, 2023 02:05 ET (06:05 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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