Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
16 April 2020
Vast Resources plc
(“Vast” or the “Company”)
Placing to raise £600,000 before costs
Appointment of Joint Broker
Baita Plai Project and Chiadzwa Community Diamond Project update
Vast Resources plc, the AIM-listed mining company, is pleased to announce that it has raised in aggregate £600,000 before costs through a placing (the ‘Placing’) of 392,156,863 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.153p per Ordinary Share (the ‘Placing Shares’).
The Company is also pleased to announce the appointment today of Axis Capital Markets Limited, by whom the Placing was undertaken, as a joint broker to the Company.
The cash raised from the Placing will be used to maintain the Company’s working capital in the light of the anticipated conclusion of the Chiadzwa Community Diamond Concession joint venture in
The Company can reconfirm that shipping of equipment from
Admission of and dealings in the Placing Shares
Application has been made to AIM for the Placing Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM (‘Admission’ ) in two tranches. It is expected that Admission will become effective and dealing will commence in respect of the issue of 98,047,386 of the Placing Shares on or around 22 April 2020 (the “First Admission”) and that Admission will become effective and dealing will commence in respect of the issue of 294,109,477 of the Placing Shares on 30 April 2020 (the “Second Admission”). The Placing is conditional on Admission.
Following the First Admission, the total issued share capital of the Company will be 10,385,113,145 and following the Second Admission this will be 10,679,222,622. The above figures of 10,385,113,145 and 10,679,222,622 respectively may then be used by shareholders, following the respective dates at which the Shares are issued, 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.
For further information, visit www.vastplc.com or please contact:
| Vast Resources plc|
Andrew Prelea (Chief Executive Officer)
+44 (0) 1491 615 232
| 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
| 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”).
ABOUT VAST RESOURCES PLC
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