Vast Resources plc Open Offer To Raise Up To Gbp1.23 Million Oversubscribed
December 12 2017 - 8:38AM
UK Regulatory
TIDMVAST
12 December 2017
Vast Resources plc ("Vast" or the "Company")
Open Offer to Raise up to GBP1.23 Million Oversubscribed
On 24 November 2017, Vast Resources plc (AIM: VAST), the AIM listed
mining company with operations in Romania and Zimbabwe, announced an
open offer to raise up to GBP1.23 million (the "Open Offer") to
facilitate the continued optimisation and expansion of the Company's
Romanian interests whilst the board and management finalise
non-dilutionary off-take financing.
Accordingly, the Company is pleased to announce the results of the Open
Offer, which closed for acceptances at 11.00 a.m. on 11 December 2017.
Valid acceptances were received in respect of 315,085,385 new ordinary
shares of 0.1 pence each ("Ordinary Shares") ("Open Offer Shares")
representing 134.5% per cent. of the maximum number of ordinary shares
available under the Open Offer, thus a 34.5 per cent. oversubscription.
All Qualifying Shareholders who applied for the Open Offer Entitlement
in respect of 158,620,522 Open Offer Shares will receive their
entitlement in full. Qualifying shareholders who applied under the
Excess Application Facility in respect of 156,464,863 Open Offer Shares
will be notified of the shares allotted to them as soon as possible and
subscriptions in excess of their allotment will be returned as soon as
possible and in any event within 14 days. Other than one allocation to
an employee amounting to 35,000,000 new Ordinary Shares which has been
allotted in full, shares under the Excess Allocation Facility have been
allotted pro rata to Excess Applications made. Accordingly the maximum
number of Ordinary Shares available under the Open Offer, being
234,261,876 Ordinary Shares, have been allotted thereby raising gross
proceeds from the Open Offer of GBP1,229,875.
Roy Pitchford, Chief Executive of Vast Resources, commented:
"I believe that the level of support that we have received, both from
our existing shareholders in this Open Offer, coupled with the injection
of capital from new investors in the recent placing, speaks volumes for
the general excitement surrounding the Vast investment proposition.
We offer shareholders compelling long term prospects across numerous
projects, commodities and two highly prospective and attractive
jurisdictions, all set against a backdrop of improving appetite for
metal and mineral exploitation and development."
Accordingly, a total of 234,261,876 Ordinary Shares have been allotted
and it is expected that Admission and commencement of dealings in such
will commence at 8.00 a.m. on 13 December 2017. On Admission, the
issued share capital of the Company will consist of 5,112,164,659
Ordinary Shares. The Company holds no Ordinary Shares in treasury,
therefore the total number of voting rights in the Company is
5,112,164,659 and this figure 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, or a change to their interest
in, the Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
**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
SVS Securities Plc - Joint Broker www.svssecurities.com
Tom Curran +44 (0) 20 3700 0100
Ben Tadd
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").
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 own and operates the Manaila Polymetallic Mine
in Romania, which was commissioned in 2015. The Company's portfolio
also includes 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 25 per cent. 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
http://www.acrplc.com/
(END) Dow Jones Newswires
December 12, 2017 09:38 ET (14:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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