Vast Resources plc Exercise Of Warrants And Issue Of Equity

 
TIDMVAST 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   18 November 2016 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Exercise of Warrants and Issue of Equity 
 
   Vast Resources plc, the AIM-listed mining company with operations in 
Romania and Zimbabwe, announces that, pursuant to the subscription 
agreements entered into with certain then existing shareholders (the 
"Investors") on 4 March 2016 (the "Subscription Agreements"), the 
Investors have elected to convert 78,042,231 of the warrants issued 
under the third and fourth tranches of the Subscription Agreements 
("Warrants") into ordinary shares of 0.1p each in the Company ("Ordinary 
Shares").  Notice of exercise of the Warrants was received by Vast on 11 
November 2016; since this time the Company has sought to clarify with 
the relevant shareholders the number of Ordinary Shares to be issued to 
them and the timing for payment, which was today finally agreed. 
 
   Under the terms of the financing announced on 4 March 2016, the 
Investors may exercise the Warrants by exchanging them for new Ordinary 
Shares on payment of a subscription price equal to the nominal value of 
the Ordinary Shares subject to an offset of a commission obligation due 
to the Investors equal to ten per cent. of the amounts subscribed for by 
the Investors.  The number of new Ordinary Shares to be issued to the 
Investors is calculated by dividing the aggregate Black-Scholes Value of 
the Warrants (as described below) by the closing bid price of Ordinary 
Shares on the trading day two days prior to the date on which the 
Warrant exercise notice is received by the Company, being 0.165 pence. 
Accordingly, the Company has today issued 127,548,940 new Ordinary 
Shares to the Investors. 
 
   Payment of GBP88,127.20, being the net subscription price after 
deduction of the 10 per cent. commission due to Investors, has been 
received by the Company pursuant to the exercise of Warrants. 
 
   VAST Resources plc also announces that, pursuant to the issue of 
warrants to subscribers to the open offer completed on 1 August 2016 
(the "Open Offer Warrants"), certain holders of Open Offer Warrants have 
elected to exercise 77,596 Open Offer Warrants.  Each Open Offer Warrant 
entitles the holder to one ordinary share of 0.1 pence each in the 
Company ("Ordinary Shares") at a price of 0.5 pence per Ordinary Share. 
Accordingly, the Company has today issued 77,596 new Ordinary Shares. 
GBP387.98 has been received by the Company as a result of the exercise 
of the Open Offer Warrants. 
 
   Application will be made to the London Stock Exchange plc for 
127,626,536 new Ordinary Shares to be admitted to trading on the AIM 
market with admission expected to occur on or around 25 November 2016 
("Admission").  The issued new Ordinary Shares will rank pari passu in 
all respects with the existing Ordinary Shares. 
 
   Following Admission the issued ordinary share capital of Vast will 
consist of 4,132,552,044 Ordinary Shares.  There are no Ordinary Shares 
held in treasury.  4,132,552,044 represents the total number of voting 
rights in the Company and may be used by shareholders as the denominator 
for the calculations by which they can determine if they are required to 
notify their interest in, or a change to their interest in the Company 
under the Financial Conduct Authority's Disclosure and Transparency 
Rules. 
 
   **ENDS** 
 
   For further information, visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc 
 Roy Pitchford (Chief Executive Officer)                 [phone] - Office Romania 
                                                         [phone] - Mobile Romania 
                                                         [phone] - Mobile UK 
Strand Hanson Limited - Financial & Nominated Adviser  www.strandhanson.co.uk 
 James Spinney                                          [phone] 
 James Bellman 
Brandon Hill Capital Ltd - Joint Broker                www.brandonhillcapital.com 
 Jonathan Evans                                         [phone] 
Peterhouse Corporate Finance Ltd - Joint Broker        www.pcorpfin.com 
 Duncan Vasey                                           [phone] 
St Brides Partners Ltd                                 www.stbridespartners.co.uk 
 Susie Geliher                                          [phone] 
 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"). 
 
   "Black-Scholes Value" means the value of a Warrant calculated using the 
Black-Scholes model as developed in 1973 by Fischer Black, Robert Merton 
and Myron Scholes, using the Economic Research Institute's Black-Scholes 
calculator, where the Volatility shall be 135 per cent., the term of the 
Warrants shall be deemed to be 60 months (regardless of the then actual 
remaining term of the Warrants), the stock price shall be the 
subscription price, which was 0.8 pence, and the option price shall be 
130 per cent of the subscription price. 
 
   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

November 18, 2016 13:15 ET (18:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.