Placing to Raise £978,967.40 and Baita Plai Update

Source: www.gulfoilandgas.com 4/12/2023, Location: Asia

Vast Resources plc, the AIM-listed mining company, announces that it has raised £978,967.40 gross through a placing (the ‘Placing’) of 212,819,000 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.46p per Ordinary Share. The Placing was undertaken by the Company’s joint broker, Axis Capital Markets Ltd (‘Axis’).

The net cash raised from the Placing will be used for an immediate upgrade to underground equipment to maintain the underground production ramp up and the continuation of the ongoing drilling programme at the Company’s Baita Plai Polymetallic Mine in Romania (‘Baita Plai’), and to maintain its corporate obligations, as it continues to move towards realising name plate capacity of 14,000 tonnes per month in H1 2023 following a strong Q1 2023 production performance.

It was anticipated that the settlement of the historic claims in Zimbabwe would have concluded sooner, and this Placing provides liquidity until the settlement is finalised, expected end of April or early May 2023.

Admission of the Placing Shares & Total Voting Rights
Application will be made to AIM for the Placing Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM (‘Admission’) in two tranches. It is expected that Admission will become effective and dealing will commence in respect of 67,000,000 Shares on or around 18 April 2023 (the “First Admission”) and Admission will become effective and dealing will commence in respect of the issue of 145,819,000 being the balance of the Placing Shares on or around 26 April 2023 (the “Second Admission”). The Placing is conditional on Admission.

Following the First Admission, the total issued share capital of the Company will be 2,781,825,142 and following the Second Admission this will be 2,927,644,142. The Company does not hold any Ordinary Shares in Treasury and accordingly the above figures of 2,781,825,142 and 2,927,644,142 may then be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in Vast under the FCA's Disclosure and Transparency Rule.


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