Issue of Shares in Lieu of Fees
November 07 2024 - 1:00AM
UK Regulatory
Issue of Shares in Lieu of Fees
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
7 November 2024
Vast Resources plc
(‘Vast’ or the ‘Company’)
Issue of Shares in Lieu of
Fees
Vast Resources plc, the AIM-listed mining
company, announces that it has agreed to issue new ordinary shares
in the Company in lieu of fees to its broker, allowing cash
resources to be deployed to the Company’s operations and also
ensuring that professional advisers remain aligned to Vast’s
corporate success. As a result, 50,000,000 ordinary shares of 0.1p
in the Company (‘Ordinary Shares’) at a price of 0.1p per Ordinary
Share (the Issue Shares) will be issued to the Company’s
broker.
Admission of the Issue Shares &
Total Voting Rights
Application will be made to AIM for the Issue
Shares, which will rank pari passu with existing Ordinary
Shares, to be admitted to trading on AIM (‘Admission’) and it is
expected that Admission will become effective and dealing will
commence on or around 12 November 2024. The Issue is conditional on
Admission.
Following the Admission, the total issued share
capital of the Company will be 2,608,607,357. The Company does not
hold any Ordinary Shares in Treasury and accordingly the above
figure of 2,608,607,357 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.
Important Notices
This announcement contains 'forward-looking statements' concerning
the Company that are subject to risks and uncertainties. Generally,
the words 'will', 'may', 'should', 'continue', 'believes',
'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or
similar expressions or negatives thereof identify forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond the
Company's ability to control or estimate precisely. The Company
cannot give any assurance that such forward-looking statements will
prove to have been correct. The reader is cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this announcement. The Company does not
undertake any obligation to update or revise publicly any of the
forward-looking statements set out herein, whether as a result of
new information, future events or otherwise, except to the extent
legally required.
Market Abuse Regulation (MAR)
Disclosure
Certain 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 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 (“UK MAR”) until the release
of this announcement.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plc
Andrew Prelea (CEO)
|
www.vastplc.com
+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated Advisor
Roland Cornish
James Biddle
|
www.beaumontcornish.com
+44 (0) 20 7628 3396 |
Shore
Capital Stockbrokers Limited – Joint Broker
Toby Gibbs / James Thomas (Corporate Advisory)
|
www.shorecapmarkets.co.uk
+44 (0) 20 7408 4050 |
Axis
Capital Markets Limited – Joint Broker
Richard Hutchinson
|
www.axcap247.com
+44 (0) 20 3206 0320 |
St Brides
Partners Limited
Susie Geliher / Charlotte Page |
www.stbridespartners.co.uk
+44 (0) 20 7236 1177 |
ABOUT VAST RESOURCES PLC
Vast Resources plc is a United Kingdom AIM
listed mining company with mines and projects in Romania,
Tajikistan, and Zimbabwe.
In Romania, the Company is focused on the rapid
advancement of high-quality projects by recommencing production at
previously producing mines.
The Company's Romanian portfolio includes 100%
interest in Vast Baita Plai SA which owns 100% of the producing
Baita Plai Polymetallic Mine, located in the Apuseni Mountains,
Transylvania, an area which hosts Romania's largest polymetallic
mines. The mine has a JORC compliant Reserve & Resource Report
which underpins the initial mine production life of approximately
3-4 years with an in-situ total mineral resource of 15,695 tonnes
copper equivalent with a further 1.8M-3M tonnes exploration target.
The Company is now working on confirming an enlarged exploration
target of up to 5.8M tonnes.
The Company also owns the Manaila Polymetallic
Mine in Romania, which the Company is looking to bring back into
production following a period of care and maintenance. The Company
has also been granted the Manaila Carlibaba Extended Exploitation
Licence that will allow the Company to re-examine the exploitation
of the mineral resources within the larger Manaila Carlibaba
licence area.
The Company retains a continued presence in
Zimbabwe.
Vast has an interest in a joint venture company
which provides exposure to a near term revenue opportunity from the
Takob Mine processing facility in Tajikistan. The Takob Mine
opportunity, which is 100% financed, will provide Vast with a 12.25
percent royalty over all sales of non-ferrous concentrate and any
other metals produced.
Also in Tajikistan, Vast has been contracted to
develop and manage the Aprelevka gold mines on behalf of its owner
Gulf International Minerals Ltd (“Gulf”) under which Vast is
entitled, inter alia, to 10% of the earnings that Gulf receives
from its 49% interest in Aprelevka in joint venture with the
government of Tajikistan. Aprelevka holds four active operational
mining licences located along the Tien Shan Belt that extends
through Central Asia, currently producing approximately 11,600oz of
gold and 116,000 oz of silver per annum. It is the intention of the
Company to assist in increasing Aprelevka’s production from these
four mines closer to the historical peak production rates of
approximately 27,000oz of gold and 250,000oz of silver per year
from the operational mines.
Nominated Adviser
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish’s responsibilities as the Company’s Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
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