Vast Resources plc Placing And Subscription To Raise Gbp852,500 Before Costs
04 March 2019 - 6:00PM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
4 March 2019
Vast Resources plc
("Vast" or the "Company")
Placing and Subscription to raise GBP852,500 before costs
Vast Resources plc, the AIM-listed mining company with operating mines
in Romania and Zimbabwe, is pleased to announce that it has raised in
aggregate GBP852,500 (before costs) through a placing (the "Placing")
and subscription (the "Subscription") of 557,189,542 ordinary shares of
0.1 pence in the Company ("Ordinary Shares") at a price of 0.153 pence
per Ordinary Share (the "Placing and Subscription Shares"). The Placing
was for 550,000,000 Ordinary Shares and was undertaken by the Company's
Joint Broker SVS Securities Plc. The Subscription was for 7,189,542
Ordinary Shares with an investor known to the Company. 307,189,542 of
the Placing and Subscription Shares were issued under existing
authorities available to the Board relating to Baita Plai Polymetallic
Mine ("Baita Plai") and for general corporate purposes (as granted at
the recent General Meeting and at the 2018 Annual General Meeting*) and
250,000,000 of the Placing Shares were issued under existing authorities
available to the Board relating to exploration for and mining of
diamonds in Zimbabwe.
The Placing and Subscription will be applied as to GBP470,000 less costs
towards Baita Plai and for general corporate purposes and as to
GBP382,500 less costs towards the Company's operations in the Marange
Diamond Fields in Zimbabwe.
Admission of and Dealings in the Placing and Subscription Shares
The issue of the Placing and Subscription Shares is conditional on their
admission to trading on AIM ("Admission"). Application is being made
for the Placing and Subscription Shares to be admitted to trading on AIM
and it is expected that Admission will become effective and dealing in
the Placing and Subscription Shares will commence on or around 8 March
2019. The Placing and Subscription Shares will rank pari passu with
existing Ordinary Shares.
Following Admission, the total issued share capital of the Company will
be 7,500,726,867. The above figure of 7,500,726,867 may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in Vast under
the FCA's Disclosure and Transparency Rule.
*This includes the remainder of the authority granted according to
Resolutions 9 and 11 at the 2018 Annual General Meeting as this was in
the event not required to be reserved for Bergen following the repayment
of the balance of the first tranche of the Bergen facility
**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
Juliet Earl
Catherine Leftley
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 and Zimbabwe.
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
Romanian portfolio also includes interests in two brownfield development
projects; the Baita Plai Polymetallic Mine (80% interest), which has a
reported 1,800,000-tonne
copper-silver-zinc-lead-gold-tungsten-molybdenum ore body at 6% copper
equivalent (Russian Reserves and Resources Reporting System) within the
mining licence area; and the Blueberry Project (29.41% interest), a
7.285km(2) brownfield area of prospectivity in the Golden Quadrilateral
of Romania located in the immediate vicinity of the now closed Baia de
Aries mine.
The Company also has interests in a number of projects in Zimbabwe
including a controlling 25 per cent. interest in the producing
Pickstone-Peerless Gold Mine, a 23.75% economic interest in the Eureka
Gold Mine, and an 86.67% interest in a SPV which has a due diligence
access agreement and pre-agreed joint venture terms on a diamond
concession within the Marange Diamond Fields, widely considered to be
one of the richest sources of alluvial diamonds globally.
(END) Dow Jones Newswires
March 04, 2019 02:00 ET (07:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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