Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
30 May 2019
Vast Resources plc
(“Vast” or the “Company”)
Subscription to raise £900,000 before costs
Vast Resources plc, the AIM-listed mining company, is pleased to announce that it has raised in aggregate £900,000 before costs through a placing (the “Placing”) of 775,862,068 ordinary shares of 0.1p in the Company (Ordinary Shares) at a price of 0.116p per Ordinary Share (the “Placing Shares”). The Placing was undertaken by SVS Securities plc, joint broker to the Company.
The Placing Shares were issued under existing authorities available to the Board relating to the Baita Plai Polymetallic Mine (“Baita Plai”) and for general corporate purposes. 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
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
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 (
Admission of and Dealings in the Placing and Subscription Shares
The issue of the Placing Shares is conditional on their admission to trading on AIM ("Admission"). Application is being made for the Placing Shares to be admitted to trading on AIM and it is expected that Admission will become effective and dealing in the Placing Shares will commence on or around 4 June 2019. The Placing Shares will rank pari passu with existing Ordinary Shares.
Following Admission, the total issued share capital of the Company will be 8,721,033,379. The above figure of 8,721,033,379 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.
**ENDS**
For further information, visit www.vastresourcesplc.com or please contact:
Vast Resources plc Andrew Prelea (Chief Executive Officer) | www.vastresourcesplc.com +44 (0) 20 7236 1177 |
Beaumont Cornish - Financial & Nominated Adviser Roland Cornish James Biddle | www.beaumontcornish.com +44 (0) 020 7628 3396 |
SVS Securities Plc – Joint Broker Tom Curran Ben Tadd | www.svssecurities.com +44 (0) 20 3700 0100 |
SP Angel Corporate Finance LLP – Joint Broker Richard Morrison Caroline Rowe | www.spangel.co.uk +44 (0) 20 3470 0470 |
Blytheweigh Tim Blythe Megan Ray | www.blytheweigh.com +44 (0) 20 7138 3204 |
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 company with mines in
The Company’s portfolio includes an 80% interest in the Baita Plai Polymetallic Mine in
Vast Resources owns the Manaila Polymetallic Mine in