Vast Resources plc Update On Baita Plai Association Licence And On Mercuria Usd 9.5 Million Pre-Payment Offtake
02 March 2018 - 4:00AM
UK Regulatory
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) +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser 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
SVS Securities Plc - Joint Broker www.svssecurities.com
Tom Curran +44 (0) 20 3700 0100
Ben Tadd
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").
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.
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