Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
29 April 2019
Vast Resources plc
(“Vast” or the “Company”)
Receipt of draft term sheet containing the material indicative terms from a Swiss Bank
Maintenance of security to Mercuria by way of increasing authority to issue warrants and widening of terms to include other financiers
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
The term sheet itself remains subject inter alia to the negotiation of detailed terms, completion of due diligence and definitive documentation.
The Company further wishes to announce that in order to maintain its relationship with Mercuria and in accordance with the Warrant Instrument that was issued as part security to Mercuria under the Prepayment Agreement the Company will shortly be calling a General Meeting in order to propose a Resolution to increase the authority for the Directors to issue warrants to Mercuria as security for the outstanding instalment amounts now falling due to it by the Company. At the same time the Company will be incorporating within the Resolution that the terms of the authority granted be widened so as to enable any warrants issued to or capable of being issued to Mercuria also to be available as security for the Swiss bank or any other financier who replaces Mercuria.
For further information on the Mercuria Warrant Instrument see announcement of 30 January 2018.
Andrew Prelea, Chief Executive of Vast Resources, commented:
“Whilst we have been in discussions with possible financing institutions for some time, the restructuring of the Balance Sheet and the recent disposal of our
“Whilst I understand the frustration of shareholders over the course of the past few months, management has been working hard to enable the Company to react as quickly as possible now that we have the possibility to obtain more traditional lending.”
**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 |
St Brides Partners Ltd Catherine Leftley Juliet Earl | www.stbridespartners.co.uk +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”).
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