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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 9.23% | 0.355 | 0.33 | 0.38 | 0.355 | 0.325 | 0.325 | 5,348,618 | 11:07:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Nonmtl Minrl Svcs, Ex Fuels | 3.72M | -10.51M | -0.0024 | -1.46 | 15.21M |
TIDMVAST Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 26 May 2017 Vast Resources plc ("Vast" or "the Company") Further update on Strategic Investment by SSCG Africa Holdings Ltd Completion of Acquisition of remaining 49.9% of Sinarom Mining Group SRL 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") originally announced on 30 January 2017 and last updated on 22 May 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 2 June 2017. Final approval by RBZ remains outstanding. No proceeds have been received from the Disposal and US$3 million has been drawn down on the Loan. The Company continues to work closely with the RBZ to conclude the Assignment, however in the interim period, as a show of continued support of Vast, SSA has agreed to advance the final US$1 million of the Loan. In relation to the Company's acquisition of a 49.9% interest in Sinarom Mining Group SRL ("Sinarom"), as announced on 22 March 2017, US$735,000 was due on 30 April as a final instalment for completion of the acquisition. US$100,000 of this was paid on 30 April 2017 and the drawdown from SSA has been used to fund the US$635,000 balance. . The discussions referred to in the Company's announcement of 22 March 2017 concerning further transactions in relation to Sinarom, and also relating to the advancement of the recently acquired Piciorul Zimbrului and Magura Neagra licences proximal to Manaila, continue and further announcements will be made in relation to this as appropriate. **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 Duncan Vasey +44 (0) 20 7469 0936 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
May 26, 2017 09:00 ET (13:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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