Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
6 October 2020
Vast Resources plc
(“Vast” or the “Company”)
Atlas Special Opportunities LLC
Vast Resources plc, the AIM-listed mining company, announces that Atlas Special Opportunities LLC (“Atlas”) has given notice to the Company that it elects to convert bonds of US$500,000 in accordance with the terms of the Bond Issuance Deed as announced on 24 October 2019. The Company can confirm it has satisfied the exercise of conversion rights by making payment of the cash alternative amount of US$555,555.
Following the previous announcement made on 10 September 2020 regarding progress on asset backed debt financing linked to the Baita Plai Polymetallic Mine in Romania, the Company can confirm that its ongoing progress with the relevant international banking institution is not effected by this conversion by Atlas.
For further information, visit www.vastplc.com or please contact:
Vast Resources plc
Beaumont Cornish - Financial & Nominated Adviser
SP Angel Corporate Finance LLP – Joint Broker
Axis Capital Markets Limited – Joint Broker
St Brides Partners Limted
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 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 an 80% interest in the Baita Plai Polymetallic Mine. Baita Plai is located in the Apuseni Mountains, Transylvania, an area which hosts Romania’s largest polymetallic mines. Work is now currently underway towards first concentrate production as well as efforts in place to establish a maiden Resource under the JORC code.
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 License that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba license area.
In Zimbabwe, the Company is focused on the commencement of the joint venture mining agreement on the Chiadzwa Community Concession Block of the Chiadzwa Diamond Fields in Zimbabwe.