ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

VAST Vast Resources Plc

0.34
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.00 0.00% 0.34 0.33 0.35 0.34 0.34 0.34 22,645,527 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Nonmtl Minrl Svcs, Ex Fuels 3.72M -10.51M -0.0024 -1.42 14.78M

Vast Resources plc Acquisition Of Remaining 49.9% Of Sinarom Mining Group Srl

22/03/2017 12:30pm

UK Regulatory


 
TIDMVAST 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   22 March 2017 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Acquisition of remaining 49.9% of Sinarom Mining Group SRL 
 
   Vast Resources plc, the AIM-listed mining company with operating mines 
in Romania and Zimbabwe, is pleased to announce the acquisition from Mr 
Ni Jin Ming of the remaining 49.9% of Sinarom Mining Group SRL 
("Sinarom") through which the Company owns its interest in the Manaila 
Polymetallic Mine ("Manaila") in Romania. This increases Vast's 
ownership of the producing mine to 100% and follows the settlement of 
debts associated with the Company's acquisition of its original 50.1% 
interest in Sinarom, as announced on 14 March 2017. 
 
   The consideration for the purchase of the shares and outstanding loan 
account owned by Mr Ni Jin Ming is US$1,135,000, with US$400,000 payable 
by 31 March 2017 and the balance of US$735,000 on 30 April 2017. The 
initial payment will be funded from existing cash resources whilst the 
final instalment payable on 30 April 2017 is expected to be funded by 
the Company raising additional funding at the asset level, which it 
expects to complete shortly.  Transfer of the shares takes place on 
making of the final payment.  Subject to completion of the transfer of 
the shares, Mr Ni Jin Ming is released from all other liabilities to the 
Company.  In addition, the outstanding liability to Mr Ni Jin Ming of 
US$646,000 in respect of the acquisition of the Baita Plai Polymetallic 
Mine in Romania - as explained in the announcement of 7 July 2015 - is 
released.  The net effect on the Company's Balance Sheet of this 
transaction coupled with the arrangements announced on 14 March 2017 
will be determined at the next reporting date.  In the year to 31 March 
2016 Sinarom reported revenue of US$1.812 million and a loss after tax 
of US$1.375 million. 
 
   Discussions are continuing concerning further transactions in relation 
to Sinarom, which could include the introduction of a joint venture 
partner and / or securing debt at the subsidiary company level in order 
to help increase production at both Manaila and advance the newly 
acquired Piciorul Zimbrului and Magura Neagra licences, which are 
proximal to Manaila.  Both licences have demonstrated their 
prospectivity for polymetallic mineralisation and Vast is considering 
the potential to develop these assets as part of an enlarged Manaila 
Metallurgical Complex. 
 
   Roy Pitchford, Chief Executive of Vast, commented: "Having recently 
achieved a 44% increase in copper concentrate alongside a 371% increase 
in zinc concentrate produced, our Manaila mine continues to make 
excellent progress and strengthen its commercial value.  We are 
accordingly delighted to increase our interest in the project to 100 per 
cent.  This simplified ownership structure will, we believe, be 
beneficial to the continued advancement of the mine, especially with 
regard to potential joint venture or debt financing opportunities being 
considered as we continue to focus on the expansion of the mine's open 
pit and assess the potential for development of the adjacent new 
perimeters at Piciorul Zimbrului and Magura Neagra as part of a new 
modern metallurgical complex at the Manaila open pit." 
 
   **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 
Peterhouse Corporate Finance Ltd - Joint Broker   www.pcorpfin.com 
 Duncan Vasey                                      +44 (0) 20 7469 0936 
St Brides Partners Ltd - Financial PR             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 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. 
 
   (*) Vast ownership is currently 50% (25.01% when SSCG Africa Holdings 
Ltd financing conditions precedent are fulfilled as per announcement on 
30 January 2017). 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Vast Resources plc via Globenewswire 
 
 
  http://www.acrplc.com/ 
 

(END) Dow Jones Newswires

March 22, 2017 08:30 ET (12:30 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

1 Year Vast Resources Chart

1 Year Vast Resources Chart

1 Month Vast Resources Chart

1 Month Vast Resources Chart

Your Recent History

Delayed Upgrade Clock