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Update regarding Atlas Special Opportunities LLC

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Vast Resources PLC
Vast Resources PLC

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 announcements made on 16 & 18 May 2022 regarding the issued conversion notice by Atlas Special Opportunties LLC (“Atlas”) of USD 800,000, that notwithstanding the full repayment of the Bond being made by the Company on 16th May 2022, the Company after seeking legal advice has executed a Deed of Settlement (‘Settlement Agreement’) with Atlas Special Opportunties LLC.

As part of the Settlement Agreement the Company can 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, subject to the following substantive conditions being met by Atlas:

  • Atlas irrevocably agrees that they will not deliver any further Conversion Notices, or seek any further conversion of Bonds to shares of the Company.

  • Atlas shall immediately repay USD 800,000 to Vast to cover the overpayment in lieu of the USD 800,000 conversion notice.

  • Atlas shall release all securities in relation to the Bond Issuance Deed and confirm release of all obligations owed by the Company in relation to the intercreditor and Standstill Deed dated 29 January 2020.

  • Atlas agrees in respect of the targeted General Meeting on 10 June 2022, that they shall appoint Brian Moritz, Chairman of Vast Resources PLC, as their proxy or corporate representative with repect to all shares held by them to vote at the Chairman’s discretion in respect of any vote to be held at the General Meeting.

  • Atlas agrees to release all and any shares belonging to Andrew Prelea, Roy Tucker, Brian Moritz, Paul Fletcher and Craig Harvey (or procure the release from the Security Trustee where applicable), and provide all relevant confirmation of such release, which are currently held subject to the Escrow Agreement dated 29 January 2020 between Vast Resources PLC, Atlas Special Opportunities LLC, and Roy Tucker, Andrew Prelea, Brian Moritz, Paul Fletcher and Craig Harvey, announced on 31 January 2020; and the Escrow Agreement dated 28 January 2022 between Vast Resources PLC, Atlas Special Opportunities LLC, and Andrew Prelea, announced 31 January 2022.

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 when the Company has received USD 800,000 from Atlas Special Opportunites LLC that was part of the full repayment made by the Company (‘Admission’).

The Company will update the market on the Admission details upon return of the monies as referred to above.

**ENDS**

For further information, visit www.vastplc.com or please contact:

Vast Resources plc
Andrew Prelea (CEO)
Andrew Hall (CCO)

www.vastplc.com
+44 (0) 20 7846 0974

Beaumont Cornish – Financial & Nominated Advisor
Roland Cornish
James Biddle

www.beaumontcornish.com
+44 (0) 20 7628 3396

Shore Capital Stockbrokers Limited Joint Broker
Toby Gibbs / James Thomas (Corporate Advisory)

www.shorecapmarkets.co.uk
 +44 (0) 20 7408 4050

Axis Capital Markets LimitedJoint Broker
Kamran Hussain

www.axcap247.com
 +44 (0) 20 3206 0320

St Brides Partners Limited
Susie Geliher
Charlotte Page

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 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.


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