Vast Resources plc Update On Proposed $9.5 Million Pre-Payment Off-take With Mercuria Energy Group

 
TIDMVAST 
 
   Vast Resources plc/ Ticker: VAST/ Index: AIM/ Sector: Mining 
 
   9 March 2018 
 
   Vast Resources plc 
 
   ('Vast' or the 'Company') 
 
   Update on proposed $9.5 million Pre-Payment Off-take with Mercuria 
Energy Group 
 
   Vast Resources plc, the AIM listed mining company with operating mines 
in Romania and Zimbabwe, announces that it continues to make good 
progress with Mercuria Energy Group ('Mercuria') to finalise the 
pre-payment offtake.  Mercuria has requested a further period of up to 
two weeks to complete the necessary documentation phase of the 
transaction. Therefore, the Company and Mercuria now anticipate that the 
transaction will close within the next two weeks. 
 
   Moreover, both the Company and Mercuria have had discussions with 
Sub-Sahara Goldia Investments ('SSGI') with regard to the US$1.68 
million bridging loan due for repayment on 9 March 2018, and the Company 
with the support of Mercuria have requested that SSGI agree to extending 
the repayment date for a further two weeks.  The Company awaits written 
confirmation from SSGI and will duly update shareholders with the 
expectation that they will revert as soon as possible given the current 
delays. 
 
   The Company has no reason to believe that the transaction will not close 
in due course. 
 
   Andrew Prelea, Chief Executive of Vast, commented: "We have spent 
considerable time and resources with the team at Mercuria and we welcome 
their rigorous diligence and procedures. Whilst acknowledging this 
modest delay, we appreciate and are more than happy to spend the time to 
complete the transaction to their satisfaction. A short delay will be 
more than compensated in the long term by their strategic support." 
 
   **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 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

March 09, 2018 02:00 ET (07:00 GMT)

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