Vast Resources plc Open Offer To Raise Up To Gbp1.23 Million Oversubscribed

 
TIDMVAST 
 
   12 December 2017 
 
   Vast Resources plc ("Vast" or the "Company") 
 
   Open Offer to Raise up to GBP1.23 Million Oversubscribed 
 
   On 24 November 2017, Vast Resources plc (AIM: VAST), the AIM listed 
mining company with operations in Romania and Zimbabwe, announced an 
open offer to raise up to GBP1.23 million (the "Open Offer") to 
facilitate the continued optimisation and expansion of the Company's 
Romanian interests whilst the board and management finalise 
non-dilutionary off-take financing. 
 
   Accordingly, the Company is pleased to announce the results of the Open 
Offer, which closed for acceptances at 11.00 a.m. on 11 December 2017. 
Valid acceptances were received in respect of 315,085,385 new ordinary 
shares of 0.1 pence each ("Ordinary Shares") ("Open Offer Shares") 
representing 134.5% per cent. of the maximum number of ordinary shares 
available under the Open Offer, thus a 34.5 per cent. oversubscription. 
 
 
   All Qualifying Shareholders who applied for the Open Offer Entitlement 
in respect of 158,620,522 Open Offer Shares will receive their 
entitlement in full.  Qualifying shareholders who applied under the 
Excess Application Facility in respect of 156,464,863 Open Offer Shares 
will be notified of the shares allotted to them as soon as possible and 
subscriptions in excess of their allotment will be returned as soon as 
possible and in any event within 14 days.  Other than one allocation to 
an employee amounting to 35,000,000 new Ordinary Shares which has been 
allotted in full, shares under the Excess Allocation Facility have been 
allotted pro rata to Excess Applications made. Accordingly the maximum 
number of Ordinary Shares available under the Open Offer, being 
234,261,876 Ordinary Shares, have been allotted thereby raising gross 
proceeds from the Open Offer of GBP1,229,875. 
 
   Roy Pitchford, Chief Executive of Vast Resources, commented: 
 
   "I believe that the level of support that we have received, both from 
our existing shareholders in this Open Offer, coupled with the injection 
of capital from new investors in the recent placing, speaks volumes for 
the general excitement surrounding the Vast investment proposition. 
 
   We offer shareholders compelling long term prospects across numerous 
projects, commodities and two highly prospective and attractive 
jurisdictions, all set against a backdrop of improving appetite for 
metal and mineral exploitation and development." 
 
   Accordingly, a total of 234,261,876 Ordinary Shares have been allotted 
and it is expected that Admission and commencement of dealings in such 
will commence at 8.00 a.m. on 13 December 2017.  On Admission, the 
issued share capital of the Company will consist of 5,112,164,659 
Ordinary Shares.  The Company holds no Ordinary Shares in treasury, 
therefore the total number of voting rights in the Company is 
5,112,164,659 and this figure may be used by shareholders as the 
denominator for the calculations by which they will 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                                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] 
SVS Securities Plc - Joint Broker                 www.svssecurities.com 
 Tom Curran                                        [phone] 
 Ben Tadd 
 
  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"). 
 
   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 own and 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. 
 
   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 12, 2017 09:38 ET (14:38 GMT)

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