Vast Resources plc Update On Baita Plai Association Licence And On Mercuria Usd 9.5 Million Pre-Payment Offtake

 
TIDMVAST 
 
 
   Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining 
 
   1 March 2018 
 
   Vast Resources plc 
 
   ("Vast" or the "Company") 
 
   Update on Baita Plai association licence and on Mercuria USD 9.5 million 
Pre-Payment Offtake 
 
   Vast Resources plc, the AIM-listed mining company with operating mines 
in Romania and Zimbabwe, announces updates as follows: 
 
   Baita Plai Association Licence 
 
   The position concerning the award of the association licence to mine at 
Baita Plai remains unchanged.  A recent meeting with officials in the 
Ministry of Economy advised that their internal processes were 
continuing and that good progress was being made. 
 
   Mercuria Energy Group 
 
   It was announced on 25 January 2018 that the USD 9.5 million Pre-Payment 
Finance Term Sheet with Mercuria relating to their Offtake Offer 
specified Tranche A funds to be drawn down of USD 4 million on or before 
5 March 2018.  Good progress has been made with the Company's, 
Mercuria's and Sub-Sahara Goldia Investments' lawyers towards agreement 
of all the detailed documentation necessary for the conclusion of the 
Pre-Payment Finance Agreement.  However as a practical matter completion 
by 5 March 2018 now appears not to be achievable, and the Company wishes 
to inform the market that it, and Mercuria have set a new target date of 
9 March 2018 for completion. 
 
   **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] 
  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 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 
portfolio also includes an 80% interest in 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 controlling 25% 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

March 01, 2018 12:00 ET (17:00 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.