Vast Resources plc Further Update On Strategic Investment By Sscg Africa Holdings Ltd
May 22 2017 - 4:00AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
22 May 2017
Vast Resources plc
("Vast" or "the Company")
Further Update on Strategic Investment by SSCG Africa Holdings Ltd
Vast Resources plc, the AIM-listed mining company with operations in
Romania and Zimbabwe, is pleased to give a further update on the
financing arrangement with SSCG Africa Holdings Ltd and its group
("SSA") announced on 30 January 2017 and updated on 14 March 2017, 7
April 2017 and 28 April 2017 (the "SSA Transaction") under which the
Company was to receive gross proceeds of US$8 million principally to
advance the Company's core activities in Romania. This comprised a US$4
million payment for the sale of 49.99 per cent in the Company's
principal Zimbabwean assets (the "Disposal") and a US$4 million long
term loan, repayable in four years (the "Loan"). Completion of all
aspects of the SSA Transaction were dependent on the approval of the
assignment of 49.99 per cent. of Vast's loan account with Canape (the
"Assignment") by the Reserve Bank of Zimbabwe ("RBZ") by 7 April 2017,
later extended to 19 May 2017.
Final approval of the Assignment by RBZ remains outstanding, but
correspondence from and discussions with Canape's bankers in connection
with the application for approval indicate that the necessary approval
for the Assignment will be forthcoming, and all efforts continue to
achieve this as soon as possible. Whilst the approval of the Assignment
remains outstanding, a formal extension to 2 June 2017 has been agreed
by all parties.
Roy Pitchford, Chief Executive Officer of Vast, commented:
"We remain extremely confident that the transaction with SSA will be
successfully concluded in the near term. Although this process has been
subject to frustrating administrative delays, SSA has reconfirmed its
intent to finalise the transaction and remains wholly supportive of
Vast."
**ENDS**
For further information, visit www.vastresourcesplc.com or please
contact:
Vast Resources plc www.vastresourcesplc.com
Roy Pitchford (Chief Executive Officer) +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser www.beaumontcornish.com
Roland Cornish +44 (0) 020 7628 3396
James Biddle
Brandon Hill Capital Ltd - Joint Broker www.brandonhillcapital.com
Jonathan Evans +44 (0) 20 3463 5016
Peterhouse Corporate Finance Ltd - Joint Broker www.pcorpfin.com
Duncan Vasey +44 (0) 20 7469 0936
St Brides Partners Ltd www.stbridespartners.co.uk
Susie Geliher +44 (0) 20 7236 1177
Charlotte Page
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").
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
http://www.acrplc.com/
(END) Dow Jones Newswires
May 22, 2017 05:00 ET (09:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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