Placement to raise £ 1,350,000 before fees and extension of the directors’ lock-up period

Vast Resources plc / Mnemonic: VAST / Index: AIM / Sector: Mining

28 October 2021

Vast Resources plc
(“Vast” or the “Company”)

Placement to raise £1.350,000 before fees
Extension of the period of unavailability of directors

Vast Resources plc, the AIM listed mining company, is pleased to announce that it has raised £ 1,350,000 gross through a placement (the “Placement”) of 54,000,000 common shares of 0.1 pence in the Company (“Ordinary Shares”) at a price of 2.5p per Ordinary Share (the “Placement Shares”). The Placement was made by the Company’s co-broker, Axis Capital Markets Ltd (“Axis”).

The net cash from the Placement will cover the shortfall in working capital that has occurred for the reasons set out in the Company’s announcement of October 25, 2021 and for unforeseen circumstances.

The Company would like to confirm that it will make its next sale of concentrate to its collection partner in early November. Production and sales continue according to revised internal forecasts announced on October 25, 2021.

The Company also announces that Andrew Prelea and Roy Tucker, directors of the Company, have agreed to extend the blocking period relating respectively to 15,000,019 and 2,250,057 Ordinary Shares held by them and referred to in the announcement of November 9, 2020 d ‘an additional year. until November 30, 2022.

Admission and trading of Placement Shares

A request will be made to AIM for the Placement and Subscription Shares, which rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM (“Admission”) in two installments. It is expected that the Admission will become effective and that trading will commence in respect of the issuance of 10,000,000 Placement Shares on or around November 3, 2021 (the “First Admission”) and that the Admission will become effective and trading will commence in respect of the issue of 44,000,000 representing the balance of the Placement Shares on or about November 11, 2021 (the “Second Admission”). Placement and Subscription are conditional on Admission.

Total voting rights

After the first admission, the total issued share capital of the Company will be 250,981,717 and after the second admission it will be 294,981,717. The Company does not hold any Ordinary Shares of its own and, therefore, the above figures of 250,981,717 and 294,981,717 respectively may then be used by shareholders, depending on the respective dates on which the Shares are issued, as a denominator for the calculations by which they will determine whether they are required to notify their interest in Vast under the FCA disclosure and transparency rule.

Disclosure of Market Abuse Regulation (MAR)

Certain information contained in this announcement is considered by the Company to constitute inside information, as set out in Market Abuse Regulation (EU) No 596/2014, as it forms part of UK domestic law under the Act of 2018 on the European Union (withdrawal) (“UK MAR”) until the publication of this announcement.


For more information, visit or contact:

Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)
+44 (0) 20 7846 0974

Beaumont Cornish – Financial Advisor and Appointed
Roland Cornwall
James biddle

+44 (0) 20 7628 3396

Shore Capital Stockbrokers Limit Joint broker
Jerry Keen (business brokerage)

Toby Gibbs / James Thomas (Business consulting)
+44 (0) 20 7408 4050

Axis Capital Markets LimitedJoint broker
Richard hutchison
+44 (0) 20 3206 0320

St Brides Limited Partners

Susie Geliher

+44 (0) 20 7236 1177


Vast Resources plc is an AIM listed UK mining company with mines and projects in Romania and Zimbabwe.

In Romania, the Company is focused on rapidly advancing high quality projects by resuming production at previously producing mines.

The Company’s Romanian portfolio includes a 100% stake in the producing Baita Plai polymetallic mine, located in the Apuseni Mountains, Transylvania, a region that is home to the largest polymetallic mines in Romania. The mine has a JORC compliant reserves and resources report which underpins the initial mine life of approximately 3 to 4 years with a total in situ mineral resource of 15,695 tonnes of copper equivalent. with an additional exploration target of 1.8 to 3 million tonnes. The Company is currently working to confirm an expanded exploration target of up to 5.8 million tonnes.

The Company also owns the Manaila polymetallic mine in Romania, which was commissioned in 2015, currently undergoing upkeep and maintenance. The Company has obtained the extended exploitation permit from Manaila Carlibaba which will allow it to re-examine the exploitation of mineral resources in the larger area of ​​the Manaila Carlibaba permit.

In Zimbabwe, the Company is focused on starting the joint venture mining agreement on the community diamond concession, Chiadzwa, in the Marange diamond fields.

Source link

Comments are closed.