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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vast Resources Plc | LSE:VAST | London | Ordinary Share | GB00BQ7WTT20 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.01 | 3.12% | 0.33 | 0.32 | 0.34 | 0.33 | 0.32 | 0.32 | 3,094,918 | 10:24:51 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Nonmtl Minrl Svcs, Ex Fuels | 3.72M | -10.51M | -0.0024 | -1.38 | 14.34M |
From May 2019 to May 2024
TIDMVAST
RNS Number : 4456X
Vast Resources PLC
24 November 2017
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
24 November 2017
Vast Resources plc
("Vast" or the "Company")
Open Offer to raise up to GBP1.23 million
Vast Resources plc, the AIM-listed mining company with operating mines in Romania and Zimbabwe, announces that further to the Company's announcement of 21 November a circular, including an Application Form, will be posted to Shareholders today (the 'Circular'). A copy of the Circular and Application Form will be available to view on the Company's website www.vastresourcesplc.com.
The total subscription proceeds payable by Shareholders under the Open Offer shall be less than EUR5 million (or an equivalent Sterling amount) in aggregate. Therefore, in accordance with Section 85 and Schedule 11A of FSMA, the Circular is not, and is not required to be, a prospectus for the purposes of the Prospectus Rules and has not been prepared in accordance with the Prospectus Rules. Accordingly, the Circular has not been, and will not be, reviewed or approved by the Financial Conduct Authority of the United Kingdom, pursuant to sections 85 and 87 of FSMA, the London Stock Exchange, any securities commission or any other authority or regulatory body. In addition, this document does not constitute an admission document drawn up in accordance with the AIM Rules for Companies.
The definitions that apply throughout this announcement can be found at the end of this announcement.
1. Introduction
As announced on 21 November 2017, subject to admission to AIM, the Company completed a placing with new investors to raise GBP1 million at a price of 0.525 pence per Ordinary Share (the "Placing"). This followed the approval by Shareholders at the Company's General Meeting on 10 November 2017 of resolutions concerning the Company's ability to issue Ordinary Shares.
Supplemental to the Placing, and in order to allow all Shareholders to participate on the same terms as those investors in the Placing, the Company is now undertaking an 1 (One) for 20 Open Offer to raise up to approximately GBP1.23 million.
Through its recent announcements the Company has signalled that its Directors have estimated a strategic financial requirement for its operations of US$ 10 million (details of which are set out below) and the Company believes it is in a good position to obtain non-equity diluting off-take financing that will see both the Company's Baita Plai Polymetallic Mine and the Manaila Polymetallic Mine reach their objectives. It is believed that a significant portion of the capital requirements of the Company can be funded by these sources or by other non-dilutionary methods.
While such measures are being negotiated the Company requires finance towards its overall $10 million requirement which it believes should be satisfied by the Placing supplemented by such amount as it raises in the Open Offer.
2. Background to the Company
Vast Resources plc is an international mining company with operations in Romania and Zimbabwe.
In Romania, the Company owns a 100 per cent. interest in the Manaila Polymetallic Mine in Suceava County, northern Romania ('MPM') where economic mineralisation is comprised of copper, lead, zinc, gold and silver. The Company also holds an 80 per cent. interest in the well-developed, underground, Baita Plai Polymetallic Mine ("BBPM"), located in the Apuseni Mountains, Transylvania, an area which hosts Romania's largest polymetallic and uranium mines. The Company is currently awaiting finalisation of the award of the association licence to mine at Baita Plai, which is expected imminently.
In Zimbabwe, the Company holds a controlling 25 per cent. interest in the Pickstone-Peerless Gold Mine ("PPGM"), and the Giant Gold Mine ("GGM").
In the short-term, the Company is focused on:
-- optimising mining operations at Manaila Polymetallic Mine and exploring and developing the proximal area with the objective of establishing a multi-pit mining operation and new metallurgical processing complex;
-- subject to the award of the association licence, to commission Baita Plai Polymetallic Mine ; and
-- completion of the construction of the sulphide plant at PPGM.
Additionally, the Company is now evaluating recommencement of operations at GGM which is proximal to PPGM.
The Board sees that MPM and BPPM will serve as a test case for future developments in Romania, which includes pursuing the Company's relationship with Remin SA., amongst other interesting prospects.
The Company also has a pipeline of additional assets at various stages in the development curve, from deposit discovery to previously producing mines; the Board aims to realise these assets within a sensible time frame. In the interim, the Company is committed to keeping a low-cost base and generating revenues.
3. The Open Offer and Placing
The Company is proposing to raise, assuming the issue of the maximum number of New Ordinary Shares pursuant to the Open Offer, gross proceeds of approximately GBP1.23 million (before expenses) by the issue of up to 234,261,876 New Ordinary Shares at the Issue Price, being 0.525 pence per New Ordinary Share.
The Open Offer is supplemental to the Placing to raise GBP1 million (before expenses) at the same Issue Price which was announced on 21 November 2017. The Ordinary Shares to be issued pursuant to the Placing will not qualify for the Open Offer..
Qualifying Shareholders on the register of members at the close of business on 22 November 2017 are being given the opportunity to subscribe for Open Offer Shares at the Issue Price pro rata to their holdings of Existing Ordinary Shares on the Record Date up to approximately GBP1.23 million (before expenses) on the basis of:
1 (One) Open Offer Share for every 20 Existing Ordinary Shares then held
The New Ordinary Shares, when issued and fully paid, will rank pari passu in all respects with the Existing Ordinary Shares including the right to receive all dividends and other distributions declared in respect of such Ordinary Shares by reference to a record date falling after the date of issue of the New Ordinary Shares.
Qualifying Shareholders are also being given the opportunity, provided that they take up their Open Offer Entitlement in full, to apply for Excess Shares through the Excess Application Facility.
Application is being made for the New Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective and dealings in the New Ordinary Shares will commence on 13 December 2017.
Following Admission and assuming the issue of all the New Ordinary Shares, the total issued share capital of the Company will be 5,110,975,579 Ordinary Shares.
The Open Offer is conditional upon admission of the Placing Shares and the Open Offer Shares to AIM by 20 December 2017. In the event that this condition is not satisfied by 20 December 2017, or such later date as the Company may decide (being no later than 8.00 a.m. on 29 December 2017), the Open Offer will not proceed. In such circumstances, application monies will be returned at the applicant's risk without payment of interest, as soon as practicable thereafter.
Fractions of Open Offer Shares will not be allotted; instead, each Qualifying Shareholder's entitlement under the Open Offer will be rounded down to the nearest whole number. The fractional entitlements may be aggregated and made available via the Excess Application Facility.
Qualifying Shareholders with holdings of Existing Ordinary Shares in both certificated and uncertificated form will be treated as having separate holdings for the purpose of calculating the Open Offer Entitlements.
Further details concerning the Open Offer are given in paragraph 6 below.
4. Current Trading and Outlook
The Company has made significant progress over the last 20 months, over which it has completed its transition from an explorer to a miner.
Manaila Polymetallic Mine
-- This is an open-pit mine with a current JORC Indicated and Inferred mineral resource of 2,600,000 tonnes open pit at 1.0% copper and 0.9% zinc at a cut-off grade of 0.25% copper, together with considerable exploration targets.
-- The Group has increased its holding in the mine to 100%.
-- A licence extension has been obtained that increases the total prospecting licence area by more than 20 times.
-- Production has increased over the time period and optimisation initiatives undertaken. -- A zinc flotation line has been installed to establish a second revenue stream.
-- A gravity concentrator has been installed to extract a pyrite concentrate containing gold credits.
-- A phase 1, ten-hole drill programme for 1,000 metres at the Carlibaba prospect located adjacent to the current Manaila open pit has been completed and results announced on 4 October 2017. Phase 2 drilling to test the extension of the ore body at depth has been completed and assays sent to an independent external laboratory for analysis.
-- It is the Group's objective to establish a second open pit mining operation at Carlibaba and to establish an enlarged mining complex that will utilise a centralised metallurgical processing facility for both open pits.
Baita Plai Polymetallic Mine
-- This is a skarn deposit comprising several veins in calcareous sediments in 5 distinct pipes with a reserve and resource under the Romanian reporting system of 1,800,000 tonnes copper-lead-zinc, gold and silver with uncategorised resources of molybdenum, tungsten and bismuth.
-- This has uncategorised resources in other pipes and a substantial exploration upside.
-- After an extremely long and difficult process due to the insolvency of the previous owner, the point has been reached where the Directors believe that the grant of an association licence giving the right to mine is imminent.
-- The mine is expected to become operational within 6 months of the grant of the licence.
-- The budgeted expenditure before first revenue is $1.5 million (CAPEX $1.2m + resource drilling $0.3m). This low figure reflects the fact that the Group has acquired 60 years of infrastructure development and investment that would take 5-10 years to build today. Basic care and maintenance has been undertaken by the company to ensure access to the underground infrastructure is unimpeded.
Additional Romanian Interests
Commencing prospecting activities at Piciorul Zimbrului and Magura Neagra (74km from Manaila) in October 2017. Initial estimates derived from open source literature related to the mineralisation at Magura Neagra have indicated an exploration target (non JORC compliant) of up to 3,000MT of ore to a depth of 600 metres at grades of up to 0.8% copper and 0.5 grams per tonne gold.
Pickstone Peerless Gold Mine
-- Significantly increased production and revenues have been achieved.
-- A new sulphide plant is nearly completed and due for commissioning imminently. This is estimated to increase production to at least 35,000 tonnes per month from the current level of 20,000 tonnes per month.
5. Reasons for the Placing and the Open Offer
Through its recent announcements, the Company has signalled that its Directors have estimated a strategic financing requirement for its operations of US$10 million, to be applied as follows:
Hot Features
Premium
US$
Manaila Polymetallic Mine new
metallurgical complex 4.0m
Baita Plai Polymetallic Mine
reopening 1.2m
Baita Plai Polymetallic
Mine underground
resource drilling pre-opening 0.3m 0.6m
post opening 0.3m
Piciorul Zimbrului and Magura
Neagra prospecting 0.4m
UK and Romania overheads - 12
months 1.2m
Repayment of SSGI loan to finalise
Baita Plai exploitation licence 1.6m
General working capital 1.0m
TOTAL 10.0m
As announced on 6 October 2017, encouraged by the drilling results to date at Carlibaba, the Company believes it is in a good position to obtain substantial offtake debt finance from metal traders. The Company has started an offtake contract bidding process linked to pre-shipping finance, funded by the retention of a portion of subsequent concentrate sale proceeds, and it is believed that a significant proportion of the capital requirements of the Company can be funded from these sources or by other non-dilutionary methods.
While such measures are being negotiated, the Company requires finance on account of its overall requirement, which it believes should be satisfied by an equity fundraise of a minimum GBP1 million together with a likely further sum capped at GBP1.23 million. It has accordingly completed a Placing to raise GBP1 million, and in order to give shareholders the right to contribute on the same terms is raising the further sum by an Open Offer to its shareholders to raise up to a further GBP1.23 million at the same Issue Price.
6. Further details concerning the Open Offer Excess Application Facility
Provided that they take up their Open Offer Entitlement in full, Qualifying Shareholders may apply to subscribe for Excess Shares using the Excess Application Facility, should they wish. Qualifying Non-CREST Shareholders wishing to subscribe for Excess Shares may do so by completing the relevant sections on the Application Form. Qualifying CREST Shareholders who wish to apply to subscribe for more than their Open Offer Entitlement will have Excess CREST Open Offer Entitlements credited to their stock account in CREST.
Applications for Excess Open Offer Entitlements will be satisfied only and to the extent that corresponding applications by other Qualifying Shareholders are not made or are made for less than their Open Offer Entitlements. Once subscriptions by Qualifying Shareholders under their respective Open Offer Entitlements have been satisfied, the Company shall, in its absolute discretion, determine whether to meet any excess applications in full or in part and no assurance can be given that applications by Qualifying Shareholders under the Excess Application Facility will be met in full, in part or at all.
Qualifying non-CREST Shareholders
If you are a Qualifying non-CREST Shareholder you will have received an Application Form with this document which gives details of your maximum entitlement under the Open Offer (as shown by the number of Open Offer Entitlements allocated to you). If you wish to apply for Open Offer Shares under the Open Offer (whether in respect of your Open Offer Entitlement or both your Open Offer Entitlement and any Excess Open Offer Entitlements), you should complete the accompanying Application Form.
Qualifying CREST Shareholders
If you are a Qualifying CREST Shareholder and do not hold any Ordinary Shares in certificated form, no Application Form accompanies this document and you will receive a credit to your appropriate stock account in CREST in respect of the Open Offer Entitlements representing your maximum entitlement under the Open Offer except (subject to certain exceptions) if you are an Overseas Shareholder who has a registered address in, or is a resident in or a citizen of a Restricted Jurisdiction. Applications by Qualifying CREST Shareholders for Excess Open Offer Entitlements in excess of their Open Offer Entitlements should be made in accordance with the procedures set out.
Qualifying CREST Shareholders who are CREST sponsored members should refer to their CREST sponsors regarding the action to be taken in connection with this document and the Open Offer.
The latest time for applications under the Open Offer to be received is 11.00 a.m. on 11 December 2017. The procedure for application and payment depends on whether, at the time at which application and payment is made, you have an Application Form in respect of your entitlement under the Open Offer or have Open Offer Entitlements credited to your stock account in CREST in respect of such entitlement.
In any event, the Directors will continue to assess suitable available funding options for the Company going forward for the purposes of bolstering the Company's working capital position and securing the funding necessary to pursue its corporate strategy.
7. Directors' interests
Following completion of the Placing (as described above), the interests of the Directors in the Company are, as shown below. The Directors will not be participating in the Open Offer as they deem that they are in a Close Period with respect to publication of their interim financial results for the half year ended 30 September 2017 which may not be announced prior to the closing date of the Open Offer.
Directors, No. of Ordinary % of Currently % of Enlarged senior managers Shares currently Issued Share Share Capital and associated held Capital holdings Brian Moritz nil nil nil Roy Pitchford nil nil nil Roy Tucker 31,607,029 0.67 0.62 Eric Diack nil nil nil Total 31,607,029 0.67 0.62
Notes:
* The above assumes full take-up of the Open Offer and that no Open Offer Shares are issued to Directors pursuant to the Open Offer and no new or existing options are granted or exercised.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Expected date of admission of the Placing Shares 27 November 2017
Record Date for entitlement under the Open Offer 22 November 2017 Announcement of the Open Offer and Ex-Entitlement Date 7.00 a.m. on 24 November 2017
Posting of this document to Qualifying
non-CREST shareholders only, the Application Form 24 November 2017
Open Offer Entitlements and Excess CREST Open Offer 27 November 2017 Entitlements credited to stock accounts in CREST of
Qualifying CREST Shareholders
Latest recommended time and date for requesting withdrawal of 4.30 p.m. on 5 December 2017
Open Offer and Excess CREST Open Offer Entitlements from CREST
Latest time for depositing Open Offer Entitlements and Excess CREST 3.00 p.m. on 6 December 2017
Open Offer Entitlements into CREST
Latest time and date for splitting Application Forms (to satisfy bona fide 3.00 p.m. on 7 December 2017
market claims)
Latest time and date for receipt of completed Application 11.00 a.m. on 11 December 2017
Forms and payment in full from Qualifying Shareholders under the Open Offer or settlement of relevant CREST instruction (as appropriate)
Expected date of announcement of results of the Open Offer 12 December 2017
Admission effective and dealings in the New Ordinary Shares expected 13 December 2017
to commence
Expected date for crediting of the New Ordinary Shares in uncertificated 13 December 2017
form to CREST accounts
Expected date of despatch of definitive share certificates for new ordinary 20 December 2017
shares in certificated form
Notes:
(1) If you have any questions on the procedure for acceptance and payment, you should contact Link Asset Services on 0371 664 0321. Calls are charged at standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 a.m. - 5.30 p.m., Monday to Friday excluding public holidays in England and Wales. Please note that Link Asset Services cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.
(2) The dates set out in the Expected Timetable of Principal Events above and mentioned throughout this document may be adjusted by Vast Resources in which event details of the new dates will be notified to AIM and, where appropriate, to Shareholders.
(3) All references to time in this document are to time in London, United Kingdom.
OPEN OFFER STATISTICS
Issue Price 0.525 pence
Number of Existing Ordinary Shares
in issue as at the date of this document 4,685,237,513
Number of Post Placing Ordinary Shares
expected to be in issue* 4,876,713,703
Basis of the Open Offer 1 (One) Open
Offer Share
for every
20 Existing
Ordinary Shares
Maximum number of New Ordinary Shares
expected to be issued pursuant to the
Open Offer: 234,261,876
Enlarged Share Capital immediately
upon Admission of the Open Offer Shares 5,110,975,579
Percentage of the Enlarged Share Capital
represented by the Open Offer Shares 4.58%
Gross proceeds of the Open Offer* (approximately) GBP1.23 million
ISIN of the Open Offer Entitlement GB00BF41DP97
ISIN of the Excess Open Offer Entitlements GB00BF41DQ05
* This includes 1,000,000 Ordinary Shares issued on the same day as the Placing (21 November 2017) following an exercise of warrants The Placing Shares do not qualify for the Open Offer.
Definitions
Definitions included in this Announcement are derived from the Company's Open Offer Circular. The following definitions apply throughout this announcement unless the context otherwise requires:
"2006 Act" or "Act" the Companies Act 2006
"Admission" admission of the New Ordinary
Shares to trading on AIM and
such admission becoming effective
in accordance with Rule 6 of
the AIM Rules for Companies
"AIM" the market of that name operated
by the London Stock Exchange
"AIM Rules for Companies" the AIM Rules for Companies,
as published and amended from
time to time by the London
Stock Exchange
"AIM Rules for Nominated the rules for nominated advisers
Advisers" to AIM companies, as published
and amended from time to time
by the London Stock Exchange
"Applicant" a Qualifying Shareholder or
a person entitled by virtue
of a bona fide market claim
who lodges an Application Form
under the Open Offer
"Application Form" the application form which
accompanies this document on
which Qualifying non-CREST
Shareholders may apply for
Open Offer Shares under the
Open Offer
"Articles" the existing articles of association
of the Company as at the date
of this document
"Beaumont Cornish" Beaumont Cornish Limited
"Board" or "Directors the directors of the Company
from time to time
"BBPM" the Baita Plai polymetallic
mine in Transylvania, Romania
"Business Day" any day (other than a Saturday
or Sunday) upon which commercial
banks are open for business
in London
"Brandon Hill" Brandon Hill Capital Limited,
a joint broker to the Company
"Company" or "Vast Vast Resources plc
Resources"
"CREST" the relevant system for the
paperless settlement of trades
and the holding of uncertificated
securities operated by Euroclear
UK & Ireland in accordance
with the CREST Regulations
"CREST Manual" the rules governing the operation
of CEST, consisting of the
CREST Reference Manual, CREST
International Manual, CREST
Central Counterparty Service
Manual, CREST Rules, Registrars
Service Standards, Settlement
Discipline Rules, CCSS Operations
Manual, Daily Timetable, CREST
Application Procedure and CREST
Glossary of Terms (all as defined
in the CREST Glossary and Terms
promulgated by Euroclear and
as amended from time to time)
"CREST member" a person who has been admitted
by Euroclear UK & Ireland as
a system-member (as defined
in the CREST Regulations)
"CREST participant" a person who is, in relation
to CREST, a system participant
(as
defined in the CREST Regulations)
"CREST payment" shall have the meaning given
in the CREST Manual issued
by Euroclear UK & Ireland
"CREST Regulations" the Uncertificated Securities
Regulations 2001, as amended
"CREST Sponsor" a CREST participant admitted
to CREST as a CREST sponsor
"Directors" the directors of the Company
"Disclosure and Transparency the disclosure rules and transparency
Rules" rules made by the UK Listing
Authority under Part VI of
FSMA (as amended from time
to time)
"Enlarged Share Capital" the issued ordinary share capital
of the Company immediately
following Admission assuming
issue of the Placing Shares
and that the Open Offer is
fully subscribed
"euro", "EUR" or "EUR" the official currency of the
European Union
"Euroclear UK & Ireland" Euroclear UK & Ireland Limited,
the operator of CREST
"Excess Application the arrangement pursuant to
Facility" which Qualifying Shareholders
may apply for additional Open
Offer Shares in excess of their
Open Offer Entitlements and
which may be subject to scaling
back in accordance with the
provisions of this document
in accordance with the terms
and conditions of the Open
Offer
"Excess CREST Open in respect of each Qualifying
Offer Entitlements" CREST Shareholder, the entitlement
to apply for Open Offer Shares
in addition to his Open Offer
Entitlement credited to his
stock account in CREST, pursuant
to the Excess Application Facility
which is conditional on him
taking up his Open Offer Entitlement
in full and which may be subject
to scaling back in accordance
with the provisions of this
document
"Excess Open Offer an entitlement for each Qualifying
Entitlement" Shareholder to apply to subscribe
for Open Offer Shares in addition
to his Open Offer Entitlement
pursuant to the Excess Application
Facility which is conditional
on him taking up his Open Offer
Entitlement in full and which
may be subject to scaling back
in accordance with the provisions
of this document
"Excess Shares" Open Offer Shares in addition
to the Open Offer Entitlement
for which Qualifying Shareholders
may apply under the Excess
Application Facility
"Excluded Overseas an Overseas Shareholder who
Shareholder" is resident in, or who has
a registered mailing address
in a Restricted Jurisdiction
"Existing Issued Share the issued ordinary share capital
Capital" of the Company as at the date
of this document
"Existing Ordinary the existing Ordinary Shares
Shares" as at the date of this document
"FCA" the Financial Conduct Authority
of the United Kingdom
"FSMA" the Financial Services and
Markets Act 2000 (as amended)
"GGM" the Giant gold mine in Zimbabwe
"Group" the Company together with its
subsidiaries from time to time
"ISIN" International Securities Identification
Number
"Issue Price" 0.525 pence per New Ordinary
Share
"Link" Link Asset Services, a trading
name of Link Market Services
Ltd
"London Stock Exchange" London Stock Exchange plc
"Money Laundering the Money Laundering Regulations,
Regulations" Terrorist Financing and Transfer
of Funds (Information on the
Payer) Regulations 2017 (as
amended)
"MPM" the Manaila polymetallic mine
in Suceava County, Romania
"New Ordinary Shares" the new Ordinary Shares to
be issued pursuant to the Open
Offer
"Official List the daily official list maintained
by the Financial Conduct Authority
"Open Offer" the invitation to Qualifying
Shareholders to apply to subscribe
for Open Offer Shares on the
terms and subject to the conditions
set out in Part III of this
document and, where relevant,
in the Application Form
"Open Offer Entitlement" the pro rata basic entitlement
for Qualifying Shareholders
to apply to subscribe for 1
(One) Open Offer Share for
every 20 Existing Ordinary
Shares held by them on the
Record Date pursuant to the
Open Offer
"Open Offer Shares" the 234,261,876 New Ordinary
Shares for which Qualifying
Shareholders are being invited
to apply under the terms of
the Open Offer
"Ordinary Shares" the ordinary shares of 0.1
pence each in the capital of
the Company
"Overseas Shareholder" a Shareholder who is resident,
or who is a citizen of, or
which are corporations, partnerships
or entities created or organised
under the laws of countries,
or who has a registered address
in a jurisdiction outside the
United Kingdom
"Participant ID" the identification code or
membership number used in CREST
to identify a particular CREST
member or other CREST participant
"Placing" the placing announced on 21
November 2017
"Placing Shares" the Ordinary Shares issued
pursuant to the Placing
"Post Placing Issued the expected issued ordinary
Share Capital" share capital of the Company
post admission of the Placing
Shares to AIM
"Post Placing Ordinary the Ordinary Shares that are
Shares" expected to be in issue post
admission of the Placing Shares
to AIM
"PPGM" the Pickstone Peerless gold
mine in Zimbabwe
"Prospectus Rules" the rules made by the FCA under
Part VI of FSMA in relation
to offers of transferable securities
to the public and admission
of transferable securities
to trading on a regulated market
"Qualifying CREST Qualifying Shareholders whose
Shareholders" Existing Ordinary Shares on
the register of members of
the Company at the close of
business on the Record Date
were held in uncertificated
form
"Qualifying non-CREST Qualifying Shareholders whose
Shareholders" Existing Ordinary Shares on
the register of members of
the Company at the close of
business on the Record Date
were held in certificated form
"Qualifying Shareholders" holders of Existing Ordinary
Shares on the register of members
of the Company at the Record
Date (but excluding any Overseas
Shareholders who are resident
in, or who are citizens of,
or who have a registered address
in a Restricted Jurisdiction)
"Record Date" 22 November 2017
"Receiving Agent" Link Asset Services, Corporate
Actions, The Registry, 34 Beckenham
Road, Beckenham, Kent, BR3
4TU
"Registrars" Link Asset Services, The Registry,
34 Beckenham Road, Beckenham,
Kent, BR3 4TU
"Relevant Securities" Ordinary Shares and/or rights
to subscribe for or convert
any security into Ordinary
Shares
"Restricted Jurisdiction" each and any of the United
States of America, Australia,
Canada, Japan, New Zealand,
the Republic of South Africa,
Singapore and any other jurisdiction
where the extension or availability
of the Open Offer would or
might breach any applicable
law or regulations
"SEC" the US Securities Exchange
Commission
"Shareholder" a holder of Ordinary Shares
"Share Register" the register of Shareholders
of the Company
"sterling", "pounds the lawful currency of the
sterling","GBP", United Kingdom
"pence" or "p"
"stock account" an account within a member
account in CREST to which a
holding of a particular share
or other security in CREST
is credited
"SVS" SVS Securities plc, a joint
broker to the Company
"UK Listing Authority" the FCA acting in its capacity
as the competent authority
for the purposes of Part VI
of FSMA
"United Kingdom" or the United Kingdom of Great
"UK" Britain and Northern Ireland
"United States" or the United States of America
"US"
"US$" or "US dollar" the lawful currency of the
United States of America
"US Securities Act" the United States Securities
Act of 1933
**ENDS**
For further information, visit www.vastresourcesplc.com or please contact:
Vast Resources plc www.vastresourcesplc.com Roy Pitchford (Chief Executive Officer) +44 (0) 20 7236 1177 Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com Roland Cornish +44 (0) 020 7628 3396 James Biddle Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com Jonathan Evans +44 (0) 20 3463 5016 SVS Securities Plc - Joint Broker www.svssecurities.com Tom Curran +44 (0) 20 3700 0100 Ben Tadd St Brides Partners Ltd www.stbridespartners.co.uk Susie Geliher +44 (0) 20 7236 1177 Charlotte Page
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").
Notes
Vast Resources plc is an AIM listed mining and resource development company focussed on the rapid advancement of high quality brownfield projects and recommencing production at previously producing mines in Romania.
Vast Resources currently own and operates the Manaila Polymetallic Mine in Romania, which was commissioned in 2015. The Company's portfolio also includes the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards obtaining the relevant permissions to start developing and ultimately commissioning the mine.
The Company also has interests in a number of projects in Southern Africa including a 25 per cent. interest in the producing Pickstone-Peerless Gold Mine in Zimbabwe.
This information is provided by RNS
The company news service from the London Stock Exchange
END
OUPKMMZMVDVGNZG
(END) Dow Jones Newswires
November 24, 2017 02:01 ET (07:01 GMT)
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