Vast Resources plc Update On Proposed $9.5 Million Pre-Payment Off-take With Mercuria Energy Group
09 March 2018 - 6:00PM
UK Regulatory
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) +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 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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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