Vast Resources plc Further Update On Strategic Investment By Sscg Africa Holdings Ltd

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   22 May 2017 
 
   Vast Resources plc 
 
   ("Vast" or "the Company") 
 
   Further Update on Strategic Investment by SSCG Africa Holdings Ltd 
 
   Vast Resources plc, the AIM-listed mining company with operations in 
Romania and Zimbabwe, is pleased to give a further update on the 
financing arrangement with SSCG Africa Holdings Ltd and its group 
("SSA") announced on 30 January 2017 and updated on 14 March 2017, 7 
April 2017 and 28 April 2017 (the "SSA Transaction") under which the 
Company was to receive gross proceeds of US$8 million principally to 
advance the Company's core activities in Romania.  This comprised a US$4 
million payment for the sale of 49.99 per cent in the Company's 
principal Zimbabwean assets (the "Disposal") and a US$4 million long 
term loan, repayable in four years (the "Loan").  Completion of all 
aspects of the SSA Transaction were dependent on the approval of the 
assignment of 49.99 per cent. of Vast's loan account with Canape (the 
"Assignment") by the Reserve Bank of Zimbabwe ("RBZ") by 7 April 2017, 
later extended to 19 May 2017. 
 
   Final approval of the Assignment by RBZ remains outstanding, but 
correspondence from and discussions with Canape's bankers in connection 
with the application for approval indicate that the necessary approval 
for the Assignment will be forthcoming, and all efforts continue to 
achieve this as soon as possible.  Whilst the approval of the Assignment 
remains outstanding, a formal extension to 2 June 2017 has been agreed 
by all parties. 
 
   Roy Pitchford, Chief Executive Officer of Vast, commented: 
 
   "We remain extremely confident that the transaction with SSA will be 
successfully concluded in the near term.  Although this process has been 
subject to frustrating administrative delays, SSA has reconfirmed its 
intent to finalise the transaction and remains wholly supportive of 
Vast." 
 
   **ENDS** 
 
   For further information, visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc                                www.vastresourcesplc.com 
 Roy Pitchford (Chief Executive Officer)           [phone] 
Beaumont Cornish - Financial & Nominated Adviser  www.beaumontcornish.com 
 Roland Cornish                                    [phone] 
 James Biddle 
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"). 
 
   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

May 22, 2017 05:00 ET (09:00 GMT)

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