Vast Resources plc Placing And Subscription To Raise Gbp852,500 Before Costs

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   4 March 2019 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Placing and Subscription to raise GBP852,500 before costs 
 
   Vast Resources plc, the AIM-listed mining company with operating mines 
in Romania and Zimbabwe, is pleased to announce that it has raised in 
aggregate GBP852,500 (before costs) through a placing (the "Placing") 
and subscription (the "Subscription") of 557,189,542 ordinary shares of 
0.1 pence in the Company ("Ordinary Shares") at a price of 0.153 pence 
per Ordinary Share (the "Placing and Subscription Shares").  The Placing 
was for 550,000,000 Ordinary Shares and was undertaken by the Company's 
Joint Broker SVS Securities Plc.  The Subscription was for 7,189,542 
Ordinary Shares with an investor known to the Company.  307,189,542 of 
the Placing and Subscription Shares were issued under existing 
authorities available to the Board relating to Baita Plai Polymetallic 
Mine ("Baita Plai") and for general corporate purposes (as granted at 
the recent General Meeting and at the 2018 Annual General Meeting*) and 
250,000,000 of the Placing Shares were issued under existing authorities 
available to the Board relating to exploration for and mining of 
diamonds in Zimbabwe. 
 
   The Placing and Subscription will be applied as to GBP470,000 less costs 
towards Baita Plai and for general corporate purposes and as to 
GBP382,500 less costs towards the Company's operations in the Marange 
Diamond Fields in Zimbabwe. 
 
   Admission of and Dealings in the Placing and Subscription Shares 
 
   The issue of the Placing and Subscription Shares is conditional on their 
admission to trading on AIM ("Admission").  Application is being made 
for the Placing and Subscription Shares to be admitted to trading on AIM 
and it is expected that Admission will become effective and dealing in 
the Placing and Subscription Shares will commence on or around 8 March 
2019.  The Placing and Subscription Shares will rank pari passu with 
existing Ordinary Shares. 
 
   Following Admission, the total issued share capital of the Company will 
be 7,500,726,867.  The above figure of 7,500,726,867 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 Vast under 
the FCA's Disclosure and Transparency Rule. 
 
   *This includes the remainder of the authority granted according to 
Resolutions 9 and 11 at the 2018 Annual General Meeting as this was in 
the event not required to be reserved for Bergen following the repayment 
of the balance of the first tranche of the Bergen facility 
 
   **ENDS** 
 
   For further information, visit www.vastresourcesplc.com or please 
contact: 
 
 
 
 
Vast Resources plc                                www.vastresourcesplc.com 
 Andrew Prelea (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] 
  Juliet Earl 
  Catherine Leftley 
 
 
   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 and Zimbabwe. 
 
   Vast Resources currently owns and operates the Manaila Polymetallic Mine 
in Romania, which was commissioned in 2015, and is focussed on its 
expansion through the development of a second open pit operation and new 
metallurgical complex at the Carlibaba Extension Area.  The Company's 
Romanian portfolio also includes interests in two brownfield development 
projects; the Baita Plai Polymetallic Mine (80% interest), which has a 
reported 1,800,000-tonne 
copper-silver-zinc-lead-gold-tungsten-molybdenum ore body at 6% copper 
equivalent (Russian Reserves and Resources Reporting System) within the 
mining licence area; and the Blueberry Project (29.41% interest), a 
7.285km(2) brownfield area of prospectivity in the Golden Quadrilateral 
of Romania located in the immediate vicinity of the now closed Baia de 
Aries mine. 
 
   The Company also has interests in a number of projects in Zimbabwe 
including a controlling 25 per cent. interest in the producing 
Pickstone-Peerless Gold Mine, a 23.75% economic interest in the Eureka 
Gold Mine, and an 86.67% interest in a SPV which has a due diligence 
access agreement and pre-agreed joint venture terms on a diamond 
concession within the Marange Diamond Fields, widely considered to be 
one of the richest sources of alluvial diamonds globally. 
 
 
 
 

(END) Dow Jones Newswires

March 04, 2019 02:00 ET (07:00 GMT)

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