Vast Resources plc Exercise Of Warrants And Issue Of Equity

 
TIDMVAST 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   23 December 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 directors, senior executives or 
consultants of the Company (the "Subscribers") on 5 January 2016 (the 
"Managers' Subscription Agreements"), Sapi River Investments Limited has 
elected to convert its 20,833,375 warrants issued under the initial 
subscription ("Warrants").  Notice of exercise of the Warrants was 
received by Vast on 20 December 2016.  Sapi River Investments Limited is 
a company previously stated to be owned by a trust associated with 
William Battershill, former Chairman of the Company. Mr Battershill has 
no direct beneficial or controlling interest in the trust. 
 
   Under the terms of the financing announced on 6 January 2016, the 
Subscribers may exercise the Warrants by exchanging them for new 
Ordinary Shares of 0.1 pence each in the Company ("Ordinary Shares"), to 
be issued at a subscription price of 0.1 pence each.  The number of new 
Ordinary Shares to be issued to the Subscribers 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 0.11 pence.  Accordingly, the Company has 
today issued 129,716,169 new Ordinary Shares to Sapi River Investments 
Limited. 
 
   Payment of GBP100,077.85 being the net subscription price after 
deduction of the 10 per cent. commission due to Sapi River Investments 
Limited, is due to be paid to the Company pursuant to the exercise of 
Warrants. 
 
   Application will be made to the London Stock Exchange plc for 
129,716,169 new Ordinary Shares to be admitted to trading on the AIM 
market with admission expected to occur on or around 30 December 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 4,535,685,288 Ordinary Shares.  There are no Ordinary Shares 
held in treasury.  4,535,685,288 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. 
 
   Following the issue of the new Ordinary Shares, the holding of Sapi 
River Investments Limited will be 347,361,429 Ordinary Shares, being 
7.66 per cent. of the issued ordinary share capital of Vast. 
 
   **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

December 23, 2016 04:45 ET (09:45 GMT)

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