TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
23 January 2024
Vast Resources plc
('Vast' or the 'Company')
Placing to raise GBP1,255,625
Vast Resources plc, the AIM-listed mining company, announces
that it has raised GBP1,255,625 gross through a placing (the
'Placing') of 1,225,000,000 ordinary shares of 0.1p in the Company
('Ordinary Shares') at a price of 0.1025p per Ordinary Share (the
'Placing'). The Placing was undertaken by the Company's joint
broker, Axis Capital Markets Ltd ('Axis').
The net cash raised from the Placing will be used for the
further development of its operating Baita Plai Mine in Romania,
specifically the development of the decline to access the
higher-grade ore. Following the positive ongoing drilling programme
that commenced in 2023, the Company has incorporated new data into
its mine plan including the acceleration of decline development
which is expected to provide a significant reduction in both
underground fuel consumption and underground transportation times,
which will result in substantially increased productivity. In
addition, this development will provide accelerated access to high
grades at depth versus the current working areas, and the provide
the ability to maximise the value of the concentrate by enhancing
the grade.
The funds will also be used to cover nearby corporate
obligations and working capital needs as well as the increased
overhead in respect of the new near-term revenue generating
operations in Tajikistan. Additionally, the funds raised will
ensure the Company has sufficient funds available in respect of the
Historic Parcel and the first shipment of the PGM concentrates as
announced on 22 January 2024.
Admission of the Placing Shares & Total Voting Rights
Application will be 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 445,000,000 Shares on or around 30 January 2024 (the
"First Admission") and Admission will become effective and dealing
will commence in respect of the issue of 780,000,000 being the
balance of the Placing Shares on or around 6 February 2024 (the
"Second Admission"). The Placing is conditional on Admission.
Following the First Admission, the total issued share capital of
the Company will be 4,791,644,142 and following the Second
Admission this will be 5,571,644,142. The Company does not hold any
Ordinary Shares in Treasury and accordingly the above figures of
4,791,644,142 and 5,571,644,142 may then 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.
Important Notices
This announcement contains 'forward-looking statements'
concerning the Company that are subject to risks and uncertainties.
Generally, the words 'will', 'may', 'should', 'continue',
'believes', 'targets', 'plans', 'expects', 'aims', 'intends',
'anticipates' or similar expressions or negatives thereof identify
forward-looking statements. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed in the forward-looking
statements. Many of these risks and uncertainties relate to factors
that are beyond the Company's ability to control or estimate
precisely. The Company cannot give any assurance that such
forward-looking statements will prove to have been correct. The
reader is cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
announcement. The Company does not undertake any obligation to
update or revise publicly any of the forward-looking statements set
out herein, whether as a result of new information, future events
or otherwise, except to the extent legally required.
Market Abuse Regulation (MAR) Disclosure
Certain 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 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR") until the release of this announcement.
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie Geliher / Zoe Briggs www.stbridespartners.co.uk
+44 (0) 20 7236 1177
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company
with mines and projects in Romania, Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid advancement of
high-quality projects by recommencing production at previously
producing mines.
The Company's Romanian portfolio includes 100% interest in Vast
Baita Plai SA which owns 100% of 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 is
now working on confirming an enlarged exploration target of up to
5.8M tonnes.
The Company also owns the Manaila Polymetallic Mine in Romania,
which the Company is looking to bring back into production
following a period of care and maintenance. The Company has also
been granted the Manaila Carlibaba Extended Exploitation Licence
that will allow the Company to re-examine the exploitation of the
mineral resources within the larger Manaila Carlibaba licence
area.
Vast has an interest in a joint venture company which provides
exposure to a near term revenue opportunity from the Takob Mine
processing facility in Tajikistan. The Takob Mine opportunity,
which is 100% financed, will provide Vast with a 12.25 percent
royalty over all sales of non-ferrous concentrate and any other
metals produced. Vast has also been contractually appointed to
manage and develop the Aprelevka Gold Mines located along the Tien
Shan Belt that extends through Central Asia, currently producing
approximately 11,600 oz of gold and 116,000 oz of silver per annum.
It is the intention to increase production closer to historical
peak production of 27,000 oz gold and 250,000 oz silver. Vast will
be entitled to a 4.9% effective interest in the mines with the
option to acquire equity in the future.
The Company retains a continued presence in Zimbabwe in respect
of the Historic claims.
(END) Dow Jones Newswires
January 23, 2024 02:00 ET (07:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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