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Placing and subscription of 105,416,662 Ordinary Shares at a price of 1.2pence per share
Vast Resources plc, the AIM listed resource and development company, has announced that it has raised approximately £1.26 million (approximately $1.96 million) before costs through a placing of 45,416,662 ordinary shares of 0.1 pence each in the Company and a subscription of 60,000,000 Ordinary Shares both at a price of 1.2 pence per Ordinary Share.
The Placing was conducted by Daniel Stewart & Company plc.
The purpose of the Placing and the Subscription is to provide additional funds to further the Company’s opportunities in Romania and also for general corporate purposes.
Admission and Dealings
The issue of the Placing Shares and the Subscription Shares is, inter alia, conditional on their Admission to trading on AIM. It is expected that Admission will become effective and dealing in the Placing Shares and the Subscription Shares will commence on 10 August 2015. The Placing Shares and the Subscription Shares will rank pari passu with existing Ordinary Shares.
Following Admission, the total issued share capital of the Company will be 1,464,063,989 Ordinary Shares. The Placing Shares and Subscription Shares together will represent 7.20 per cent of the enlarged share capital of the Company.
The above figure of 1,464,063,989 may 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.
Roy Pitchford, Chief Executive Officer, commented
“We are grateful for the continued investor support which enables us to continue with the improvements at the Manaila Polymetallic Mine which mine we are now managing and operating, and also provides us with a good foundation to re-open the Baita Bihor Polymetallic Mine as soon as the licence formalities have been completed.”
