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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 Conditional Heads Of Terms For Us$10 Million Investment

24/07/2017 8:30am

UK Regulatory


 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   24 July 2017 
 
   Vast Resources plc 
 
   ("Vast" or "the Company") 
 
   Conditional Heads of Terms for US$10 million Investment 
 
   Vast Resources plc, the AIM-listed mining company with operations in 
Romania and Zimbabwe, is pleased to advise shareholders that it has 
entered into a conditional heads of terms relating to a proposed 
investment of up to US$10 million in Vast ('the Proposed Investment') by 
a corporate finance and investment firm with significant experience in 
and investment in Romania (the 'Investor'). 
 
   The Proposed Investment is also subject to the rights of Sub-Sahara 
Goldia Investments ('Sub-Sahara') pursuant to its US$4 million loan to 
the Company as announced on 30 January 2017 which has a right to provide 
equivalent finance to the Proposed Investment if the terms and 
conditions are the same. 
 
   The Proposed Investment is in two stages, US$8 million at Stage 1 and an 
additional US$2 million at Stage 2.  Stage 1 is a direct subscription by 
the Investor for new shares in Vast Resources Romania Ltd ('VRR') which 
company will hold all Vast's Romanian assets and would result in the 
Investor holding 51% of VRR.  Stage 2 would result in the subscription 
by the Investor for a nominal number of further shares in VRR followed 
immediately by the acquisition of the Investor's entire holding in VRR 
by Vast for the issue of ordinary shares in Vast at 0.4p per share and 
which, depending on exchange rate fluctuations and share issues through 
warrant exercises, is estimated to give Investor approximately 29% of 
the enlarged share capital of Vast. 
 
   Stage 2 will require the passing of an ordinary resolution at a General 
Meeting of Vast. 
 
   The funds raised must be used for the Company's capital expenditure and 
working capital requirements, mostly for the expansion of the Romanian 
operations.  Subject to Stage 2 being completed there is also an 
allocation of funds for costs in connection with the possible demerger 
of the Zimbabwe assets from the Company. 
 
   The Proposed Investment and its Stages are subject to preconditions of a 
standard nature including the completion of the Investor's due diligence 
and the procurement of the release of Sub-Sahara's security over the 
Company's non-Zimbabwe assets.  For Stage 2 specific conditions include;, 
(1) that Vast can legally procure the payment of a dividend from 
Breckridge (Pvt) Limited ('Breckridge'), the owner of the Pickstone 
Peerless Gold Mine in Zimbabwe, subject to there being distributable 
profits in Breckridge, and (2) that Vast can procure to the satisfaction 
of the Investor the visibility of dividend payments by Breckridge and or 
payment from funds in Breckridge to Vast of an appropriate proportion of 
general administrative costs of Vast following completion of the 
Proposed Investment. 
 
   The Proposed Investment is subject to agreement and signing by all 
relevant parties of necessary documentation, including a detailed 
subscription and shareholders' agreement and the provision to the 
Investor of customary warranties and representations appropriate to the 
Proposed Investment relating to the Company, its business, assets and 
liabilities. 
 
   Roy Pitchford, Chief Executive of Vast, commented: 
 
   "The Proposed Investment by a strategic investor of up to US$10 million 
should enable us to execute our strategic objectives in Romania, and I 
look forward to providing further updates as appropriate as this process 
continues." 
 
   **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                            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 25.01 per cent. interest in the producing 
Pickstone-Peerless Gold Mine in Zimbabwe. 
 
   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

July 24, 2017 03:30 ET (07:30 GMT)

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

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