Vast Resources plc Reserve Bank Approval For Usd4 Million Disposal Of Non-Controlling Interest In Zimbabwean Gold Projects
30 May 2017 - 5:00PM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 May 2017
Vast Resources plc
("Vast" or "the Company")
Reserve Bank Approval for US$4 million Disposal of Non-Controlling
Interest in Zimbabwean Gold Projects
Vast Resources plc, the AIM-listed mining company with operations in
Romania and Zimbabwe, is pleased to announce that it has now received
approval of the assignment of 49.99 per cent. of Vast's loan account
with Canape by the Reserve Bank of Zimbabwe ("RBZ") ensuring that the
US$4 million payment from SSCG Africa Holdings Ltd and its group (SSA)
can now be transferred to Vast. This will complete the US$8 million
financing announced on 30 January 2017 principally to advance the
Company's core activities in Romania.
As announced on 22 March 2017, discussions are continuing concerning
further transactions in relation to Sinarom Mining Group SRL (100% Vast),
which could include the introduction of a joint venture partner and / or
securing debt at the subsidiary company level to help increase
production at both Manaila Polymetallic Mine and advance the newly
acquired nearby Piciorul Zimbrului and Magura Neagra prospecting
licences.
Roy Pitchford, Chief Executive Officer of Vast, commented:
"I am delighted to report the formal approval from RBZ for our disposal
of a non-controlling interest in our Pickstone-Peerless Gold Mine and
Giant Gold Project in Zimbabwe. This transaction, together with the
possible further transactions with Sinarom as referred to above, will
provide us with the capital to move forward with our optimisation plans
for our producing Manaila Polymetallic Mine and other interests in
Romania. We believe this area will yield the best long term value
opportunity for the Company without the need to dilute our shareholders.
Importantly, we have also retained the controlling interest in our
Zimbabwean projects and have exposure to the upside which these may
deliver through our ongoing 25% economic interest."
**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 (Nomad) 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 30, 2017 03:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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