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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
24 May 2022
Vast Resources plc
(“Vast” or the “Company”)
Update regarding Atlas Special Opportunities LLC
Vast Resources plc, the AIM-listed producing mining company, announces that further to the announcement made today regarding the issued conversion notice by Atlas Special Opportunties LLC (“Atlas”) of USD 800,000, the Company has received the monies and can now confirm that it will satisfy the exercise of the Conversion Rights through the issue of 241,799,020 ordinary shares of 0.1 pence each in the Company (‘Ordinary Shares’) at a price of 0.27 pence per Ordinary Share. Following this conversion, Atlas no longer has any conversion or any right to call for the issue of Vast ordinary shares and Vast has no further financial obligations in respect to Atlas.
Application will be made to the London Stock Exchange for 241,799,020 new Ordinary Shares to be admitted to trading on the AIM Market with admission expected to occur on or around 31 May 2022 (‘Admission’). The issued new Ordinary Shares will rank pari passu in all respects with existing Ordinary Shares.
Following Admission of the new Ordinary Shares the issued ordinary share capital of Vast will consist of 1,002,311,163 Ordinary Shares. There are no Ordinary Shares held in treasury. 1,002,311,163 represents the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change in their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Beaumont Cornish – Financial & Nominated Advisor
Shore Capital Stockbrokers Limited – Joint Broker
Axis Capital Markets Limited – Joint Broker
St Brides Partners Limited
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM listed mining company with mines and projects in Romania 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 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 was commissioned in 2015, currently on care and maintenance. The Company has 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.
The Company has also acquired an interest in a joint venture company which provides expsoure 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. Processing of stockpiled ore on site is expected to commence in Q2 2022.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Community Diamond Concession, Chiadzwa, in the Marange Diamond Fields.