Vast Resources plc Exercise Of Warrants And Issue Of Equity
23 December 2016 - 8:45PM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
23 December 2016
Vast Resources plc
("Vast" or the "Company")
Exercise of Warrants and Issue of Equity
VAST Resources plc, the AIM-listed mining company with operations in
Romania and Zimbabwe, announces that, pursuant to the subscription
agreements entered into with certain directors, senior executives or
consultants of the Company (the "Subscribers") on 5 January 2016 (the
"Managers' Subscription Agreements"), Sapi River Investments Limited has
elected to convert its 20,833,375 warrants issued under the initial
subscription ("Warrants"). Notice of exercise of the Warrants was
received by Vast on 20 December 2016. Sapi River Investments Limited is
a company previously stated to be owned by a trust associated with
William Battershill, former Chairman of the Company. Mr Battershill has
no direct beneficial or controlling interest in the trust.
Under the terms of the financing announced on 6 January 2016, the
Subscribers may exercise the Warrants by exchanging them for new
Ordinary Shares of 0.1 pence each in the Company ("Ordinary Shares"), to
be issued at a subscription price of 0.1 pence each. The number of new
Ordinary Shares to be issued to the Subscribers is calculated by
dividing the aggregate Black-Scholes Value of the Warrants (as described
below) by the closing bid price of Ordinary Shares on the trading day
two days prior to the date on which the Warrant exercise notice is
received by the Company, being 0.11 pence. Accordingly, the Company has
today issued 129,716,169 new Ordinary Shares to Sapi River Investments
Limited.
Payment of GBP100,077.85 being the net subscription price after
deduction of the 10 per cent. commission due to Sapi River Investments
Limited, is due to be paid to the Company pursuant to the exercise of
Warrants.
Application will be made to the London Stock Exchange plc for
129,716,169 new Ordinary Shares to be admitted to trading on the AIM
market with admission expected to occur on or around 30 December 2016
("Admission"). The issued new Ordinary Shares will rank pari passu in
all respects with the existing Ordinary Shares.
Following Admission the issued ordinary share capital of Vast will
consist of 4,535,685,288 Ordinary Shares. There are no Ordinary Shares
held in treasury. 4,535,685,288 represents the total number of voting
rights in the Company and may be used by shareholders as the denominator
for the calculations by which they can determine if they are required to
notify their interest in, or a change to their interest in the Company
under the Financial Conduct Authority's Disclosure and Transparency
Rules.
Following the issue of the new Ordinary Shares, the holding of Sapi
River Investments Limited will be 347,361,429 Ordinary Shares, being
7.66 per cent. of the issued ordinary share capital of Vast.
**ENDS**
For further information, visit www.vastresourcesplc.com or please
contact:
Vast Resources plc
Roy Pitchford (Chief Executive Officer) +40 (0) 372 988 988 - Office Romania
+40 (0) 741 111 900 - Mobile Romania
+44 (0) 7793 909985 - Mobile UK
Strand Hanson Limited - Financial & Nominated Adviser www.strandhanson.co.uk
James Spinney +44 (0) 20 7409 3494
James Bellman
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").
"Black-Scholes Value" means the value of a Warrant calculated using the
Black-Scholes model as developed in 1973 by Fischer Black, Robert Merton
and Myron Scholes, using the Economic Research Institute's Black-Scholes
calculator, where the Volatility shall be 135 per cent., the term of the
Warrants shall be deemed to be 60 months (regardless of the then actual
remaining term of the Warrants), the stock price shall be the
subscription price, which was 0.8 pence, and the option price shall be
130 per cent of the subscription price.
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
December 23, 2016 04:45 ET (09:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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