Yahoo Finance US$9.5 million Pre-payment Off-take with Mercuria Energy Trading SA
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
21 March 2018
Vast Resources plc
("Vast" or the "Company")
US$9.5 million Pre-payment Off-take with Mercuria Energy Trading SA
Vast Resources plc, the AIM-listed mining company with operating mines in Romania and Zimbabwe, is pleased to announce that a Pre-payment Agreement with Mercuria Energy Trading SA ("Mercuria") based on the Term Sheet announced on 25 January 2018 (the `Term Sheet`) has been duly executed and drawdown of Tranche A for US$4 million effected. As planned, US$1.68 million out of the drawdown has been applied in repayment of the bridging loan from Sub-Sahara Goldia Investments announced on 13 September 2017.
Simultaneously with the Pre-payment Agreement, an Off-take Agreement has been signed with Mercuria for the period to April 2022 (previously December 2021) for up to 100% of the copper and zinc concentrate produced at the Company`s Manaila Polymetallic Mine and Baita Plai Polymetallic Mine in Romania on the same terms as the Offtake Offer announced on 25 January 2018.
The terms and conditions for the drawdown of Tranche B for US$5.5 million remain as per the Term Sheet.
**ENDS**
For further information, visit www.vastresourcesplc.com or please contact:
Vast Resources plc | www.vastresourcesplc.com |
Beaumont Cornish - Financial & Nominated Adviser | www.beaumontcornish.com |
Brandon Hill Capital Ltd - Joint Broker | www.brandonhillcapital.com |
SVS Securities Plc - Joint Broker | www.svssecurities.com |
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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").
Notes
Vast Resources plc is an AIM listed mining and resource development company focussed on the rapid advancement of high quality brownfield projects and recommencing production at previously producing mines in Romania.
Vast Resources currently owns and operates the Manaila Polymetallic Mine in Romania, which was commissioned in 2015 and is focussed on its expansion through the development of a second open pit operation and new metallurgical complex at the Carlibaba Extension Area. The Company`s portfolio also includes an 80% interest in the Baita Plai Polymetallic Mine in Romania, where work is currently underway towards obtaining the relevant permissions to start developing and ultimately commissioning the mine.
The Company also has interests in a number of projects in Southern Africa including a controlling 25% interest in the producing Pickstone-Peerless Gold Mine in Zimbabwe.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vast Resources plc via GlobeNewswire
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