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Exercise of Warrants and Issue of Equity
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
7 January 2021
Vast Resources plc
(“Vast” or the “Company”)
Exercise of Warrants and Issue of Equity
In line with its regulatory obligations, Vast Resources plc, the AIM-listed mining company, announces that, pursuant to the issue of warrants to subscribers to the open offer completed on 1 August 2016 (the “Open Offer Warrants”), holders of Open Offer Warrants have elected to exercise 376,374 Open Offer Warrants. Each Open Offer Warrant entitles the holder to one ordinary share of 0.1 pence each in the Company (“Ordinary Shares”) at a price of 0.5 pence per Ordinary Share. Notice of exercise of the Warrants was made prior to 1 January 2021 but was not received by Vast until 7 January 2021. Accordingly, the Company has today issued 376,374 new Ordinary Shares. £1,881.87 has been received by the Company as a result of the exercise of the Open Offer Warrants.
Application will be made to the London Stock Exchange for 376,374 new Ordinary Shares to be admitted to trading on the AIM market with admission expected to occur on or around 13 January 2021 (“Admission”). The issued new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.
Following Admission of the new Ordinary Shares the issued ordinary share capital of Vast will consist of 20,976,609,225 Ordinary Shares. There are no Ordinary Shares held in treasury. 20,976,609,225 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 to their interest in the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
**ENDS**
For further information, visit www.vastplc.com, follow the Company on Twitter @vast_resources and LinkedIn, or please contact:
Vast Resources plc | www.vastplc.com |
Beaumont Cornish - Financial & Nominated Adviser | www.beaumontcornish.com |
SP Angel Corporate Finance LLP – Joint Broker | www.spangel.co.uk |
Axis Capital Markets Limited – Joint Broker | www.axcap247.com |
St Brides Partners Limited | www.stbridespartners.co.uk |
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 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 License that will allow the Company to re-examine the exploitation of the mineral resources within the larger Manaila Carlibaba licence area.
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.
