Vast Resources #VAST finalising terms to allow start of mining on Heritage Concession.
Vast Resources* (VAST LN) 0.12p, Mkt Cap £10.5m – Progress report on the Heritage Diamond concession • Vast Resources reports that it held meetings last week in Harare with the parastatal Zimbabwe Consolidated Diamond Company (ZCDC) and local community leaders from the region hosting the Heritage diamond concessions. • As a result of the meetings, “agreements concerning the Heritage Diamond Concession will now be directly between the Company and the ZCDC rather than the local community, but the local community will be maintained as a beneficial recipient of shared profits as per the original agreement”. • Commenting on the simplification of the negotiating structure, Chief Executive, Andrew Prelea, said that the “amendment to the structure of the arrangement should not only accelerate the process to commencement, but should also provide the Company further opportunities to work with the ZCDC.” • Mr. Prelea said that he planned to return to Zimbabwe shortly “for what I hope will be the finalisation of the contractual terms, and also to establish the commencement of the project.” *SP Angel acts as Broker to Vast Resources
Vast Resources Plc (VAST.L) Announced that following meetings that took place in Harare between Vast senior management, the local community leaders and the parastatal Zimbabwe Consolidated Diamond Company Limited (ZCDC), a road map to closing the agreements that will enable the company to mine on the Heritage Concession has now been established.
Vast Resources plc/ Ticker: VAST/ Index: AIM/ Sector: Mining. Vast Resources plc, the AIM-listed mining company, is pleased to inform the market that following meetings that took place in Harare last week between Vast senior management, the local community leaders and the parastatal Zimbabwe Consolidated Diamond Company Ltd a road map to closing the agreements...
Vast Resources (VAST.L) 0.11p £9.93m £900k placing at 0.116p. As announced on 29 April 2019, the Company has received a draft term sheet containing the material indicative terms from a Swiss bank for a loan finance of up to $10m. This is to be applied in connection with the Company’s Romanian projects including full repayment of the $4m plus accrued interest by the Company to Mercuria. While due diligence on the provision of the Swiss bank loan finance and/or any equivalent progresses, the Company plans to incur some of the necessary pre-production expenditure for Baita Plai in advance of the receipt of the Loan Finance. This will significantly reduce the lead time up to commencement of production. The pre-production expenditure will include the commencement of the installation of a seven-kilometre tailings pipe to the tailings dam and, as is required in the Company’s licence, the installation of a new and independent electricity supply at Baita Plai in addition to the supply the Company has already installed. Expenditure will also include the cost of the independent report from SRK Consulting (UK) Ltd as mentioned in the Company’s announcement of 28 May 2019. The money raised from the Placing will be applied for these purposes plus for general expenses at Baita Plai and for general corporate purposes
Vast Resources* (VAST LN) 0.12p, Mkt Cap £9.3m – £900k equity raise • The Company raised £900k through a placing of 776m shares at 0.116p to cover Baita Plai related expenses as well as general working capital until the £10m loan facility is agreed. • The pre-production expenditure at the polymetallic Baita Plai project include: • The installation of a 7km long tailings pipe to the tailings dam fulfilling the license requirement; • The installation of a new and independent power supply in addition to the one installed already. • SRK economic study related costs. • The above should significantly reduce the lead time up to commencement of production. *SP Angel acts as Broker to Vast Resources
The cash raised from the Placing has been calculated to be sufficient to meet all the Company’ s financing needs in connection with its activities in Romania and general working capital until drawdown of the Loan Finance, as defined below. As announced on 29 April 2019, the Company has received a draft term sheet containing the material indicative terms from a...
Vast Resources* (VAST LN) 0.14p, Mkt Cap £11m – Results of general meeting and corporate update • All resolutions were passed at the General Meeting held on Friday 24 May. • Additionally, VAST engaged SRK Consulting to prepare economic assessment of its Romanian portfolio including Scoping Study, PEA and/or PFS, as may be appropriate, on Baita Plai, Manaila, Carlibaba and Carlibaba flanks. • Due diligence with the Swiss lender regarding a loan facility of up to $10m. • The Company also mentions it is in possession of an indicative term sheet regarding the Heritage Concession in Zimbabwe with further indicative term sheets for the diamond project in Zimbabwe expected shortly. • The Company is in discussions towards finalisation of the contract in relation to the Heritage Concession and highlights a welcome move of the government to cancel local indigenisation laws for diamonds. *SP Angel acts as Broker to Vast Resources
Vast Resources plc, the AIM-listed mining company with assets in Romania and Zimbabwe, is pleased to announce that at its General Meeting, held on Friday 24 May, all resolutions were duly passed.. Additionally, the Company would like to provide a corporate update on its activities in Romania and Zimbabwe.. ·The Company is also in possession of an indicative...
Vast Resources plc/ Ticker: VAST/ Index: AIM/ Sector: Mining. Increase in authorities to issue warrants as security for outstanding Mercuria Tranche A finance- cancellable on repayment of such finance Notice of General Meeting. Vast Resources plc, the AIM-listed mining company, announces that a letter from the Chairman of the Company including a Notice of General...
VAST RESOURCES PLC/Ticker: VAST/Index: AIM/Sector: Mining. In conformity with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company announces the following:. As at the date of this announcement the Company's issued ordinary share capital consists of 7,945,171,311 ordinary shares of 0.1 pence each with voting...
Vast Resources plc/ Ticker: VAST/ Index: AIM/ Sector: Mining. Vast Resources plc, the AIM listed mining company, is pleased to announce that following the update of 11 April 2019 that it was expecting financing term-sheets, it has now received a draft indicative term sheet containing the material indicative terms from a Swiss bank for loan finance of up to US $10...
Notes Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and finalising its Chiadzwa Community Development Trust joint venture on the Heritage Concession in Zimbabwe.
Vast Resources plc, is an AIM listed mining company with mines in Romania and Zimbabwe focused on the rapid advancement of high quality brownfield projects by recommencing production at previously producing mines in Romania and finalising its Chiadzwa Community Development Trust joint venture on the Heritage Concession in Zimbabwe.
Vast Resources* (VAST LN) 0.15p, Mkt Cap £11m – £600k equity placing • The Company raised £600k before expenses by issuing 444.4m shares at 0.135p. • Andrew Prelea (CEO) and Roy Tucker (FD) subscribed for 7.4m and 29.6m shares. • Proceeds to be directed to working capital requirements at Heritage Concession (£300k) and Baita Plai as well as general corporate purposes (£300k). *SP Angel acts as Broker to Vast Resources
Vast Resources has transitioned from an exploration company to a mining company, with a portfolio of high quality assets. In the short-term, the Company is focused on optimising mining operations at the Manaila Polymetallic Mine in Romania and exploring and developing the proximal area with the objective of establishing a multi-pit mining operation and new metallurgical processing complex. In addition, the Company intends to commission the Baita Plai Polymetallic Mine, also in Romania, once the relevant approvals are granted. The Board sees that the Manaila and Baita Plai mines will serve as a test case for future developments in Romania, which includes pursuing the Company’s relationship with Remin SA., amongst other interesting prospects. Additionally, the Company intends to retain its interest in certain interests in Zimbabwe, including its current controlling 25% interest in the Pickstone-Peerless Gold Mine, which was commissioned in 2015, and the proximal Giant Gold Mine Project, where recommencement of operations is now being evaluated. Vast continues to actively manage its Zimbabwean gold portfolio and intends to retain its controlling interest in the Pickstone-Peerless Gold Mine. The Company also has a pipeline of additional assets at various stages in the development curve, from deposit discovery to previously producing mines; the Board aims to realise these assets within a sensible time frame. In the interim, the Company is committed to keeping a low-cost base and generating revenues.