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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 Update On Baita Plai Association Licence & Interim Bridging Loan

13/09/2017 7:00am

UK Regulatory


 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   13 September 2017 
 
   Vast Resources plc 
 
   ("Vast" or "the Company") 
 
   Update on Baita Plai Association Licence & Interim Bridging Loan 
 
   Vast Resources plc, the AIM-listed mining company with operations in 
Romania and Zimbabwe, is pleased to announce that further to its 
announcement on 30 August 2017, the process of agreeing the contractual 
terms of the association on the licence granting the right to mine 
polymetallic ore at the Baita Plai mine in Romania ("Baita Plai"), with 
Baita SA, the holder of the head-licence at the mine, is being finalised 
and is expected to be completed during September.  A payment of US$1.6 
million is a required step in this process, and finance for this has 
been provided by a 180-day loan facility from Sub-Sahara Goldia 
Investments ("Sub-Sahara") (the "Loan").  This Loan of US$1.68 million 
(including fees) has been added to the existing US$4 million loan 
previously announced on 30 January 2017 and is on the same terms. The 
Loan carries an interest of 1 per cent. per month and is repayable on or 
before 9 March 2018. The Company's 49.9 per cent. stake in Sinarom 
Mining Group SRL acquired by the Company and announced on 22 March 2017 
has been provided as additional security for the Loan. 
 
   The Loan enables the process of securing the Baita Plai association on 
the licence to progress further without any funding delays whilst 
Sub-Sahara and the strategic investor, as referred to in the Company's 
announcement of 24 July 2017, continue negotiations with each other and 
Vast to determine a mutually acceptable investment strategy and future 
corporate strategy. 
 
   The formal right to mine at Baita Plai takes effect when the association 
on the licence is endorsed by the Minister of Economy and approved by 
Romania's National Agency for Mineral Resources (ANRM).  Under Romainan 
legislation, this must follow within 60 days of the approval of the 
association on the licence by Baita SA. 
 
   Obtaining the right to mine at Baita Plai will represent a significant 
milestone in the process of expanding the mining operations of Vast in 
Romania, becoming the Company's second mine in country alongside its 
Manaila Polymetallic Mine ("Manaila").  Vast now looks forward to 
securing the strategic investment to support growth initiatives planned 
at both mines. 
 
   A further announcement will be made in due course. 
 
   **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 
 Martin Lampshire and Fungai Ndoro                 +44 (0) 20 7469 0930 
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"). 
 
   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

September 13, 2017 02:00 ET (06:00 GMT)

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

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