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Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
10 June 2022
Vast Resources plc
(“Vast” or the “Company”)
Result of General Meeting
Admission Details & Total Voting Rights
Vast Resources plc, the AIM-listed mining company, is pleased to announce that at the Company’s General Meeting held earlier today the proposed resolutions were all duly passed with proxy voting as follows:
Resolution 1: 97.33% in favour
Resolution 2: 97.33% in favour
Resolution 3: 97.32% in favour
Resolution 4: 97.32% in favour
ADMISSION DETAILS AND TOTAL VOTING RIGHTS
Following shareholder approval for the headroom necessary to complete the raise of £3,243,325 through the subscription and placing of 463,332,161 new ordinary shares of 0.1 pence in the Company at a price of 0.7p per Ordinary Share, the Company has made an application to the London Stock Exchange for 463,332,161 new Ordinary Shares to be admitted to trading on the AIM Market with admission expected to occur on or around 15 June 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 1,465,643,324 Ordinary Shares. There are no Ordinary Shares held in treasury. 1,465,643,324 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.
Market Abuse Regulation (MAR) Disclosure
Certain 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 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”) until the release of this announcement.
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.