Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
10 November 2020
Vast Resources plc
(‘Vast’ or the ‘Company’)
Atlas Special Opportunities LLC Non-Conversion Agreement
Vast Resources plc, the AIM-listed mining company, announces that the Company has entered into a non-conversion agreement with Atlas Special Opportunities LLC (‘Atlas’) regarding the Tranche 1 Bonds issued to Atlas, announced on 31 January 2020, under the terms of the Atlas Bond Issuance Deed (‘Bond Issuance Deed’).
Under the terms of the Bond Issuance Deed, since 29 July 2020 Atlas has and continues to be entitled to exercise conversion rights. Atlas has informed Vast of its intention to exercise certain conversion rights and in the event that Atlas excercises these conversion rights then under the provisions of the Bond Issuance Deed the Company has the right to cash settle. However, against the background of Vast’s progress on asset backed financing the Company has agreed with Atlas that in consideration of the right to settle the principal outstanding on the Bond Issuance Deed (including a redemption premium calculated to be in accordance with the terms) for certain stage payments and then a fixed sum, by 31 December 2020, Atlas has agreed that it will issue no further conversion notices pursuant to the Bond Issuance Deed prior to 1 January 2021.
The agreement does not affect the potential drawdown by the Company of Tranches 2–4 of the Bond issuance Deed for its diamond division in
For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:
|Vast Resources plc|
Andrew Prelea - CEO
+44 (0) 20 7846 0974
|Beaumont Cornish - Financial & Nominated Adviser |
+44 (0) 020 7628 3396
|SP Angel Corporate Finance LLP – Joint Broker |
+44 (0) 20 3470 0470
|Axis Capital Markets Limited – Joint Broker |
+44 (0) 20 3206 0320
|St Brides Partners Limted |
+44 (0) 20 7236 1177
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”).
ABOUT VAST RESOURCES PLC
Vast Resources plc, is a United Kingdom AIM listed mining company with mines and projects in
The Company’s Romanian portfolio includes an 80% interest in the producing Baita Plai Polymetallic Mine, located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic mines. The mine has a JORC compliant Reserve & Resource Report which underpins the initial mine production life of approximately 3-4 years with an in-situ total mineral resource of 15,695 tonnes copper equivalent with a further 1.8M–3M tonnes exploration target.
The Company also owns the Manaila Polymetallic Mine in