Update on Debt Funding
Vast Resources plc / Ticker: VAST / Index: AIM /
Sector: Mining
6 November 2023
Vast Resources plc(‘Vast’ or the
‘Company’)
Update on Debt Funding
Vast Resources plc, the AIM-listed mining company, is pleased to
announce an update in relation to the Asset Backed Debt facility
from A&T Investments SARL (“Alpha”) as announced on 16 May 2022
and the debt owed to Mercuria Energy Trading SA (“Mercuria”)
relating to Tranche A of the Prepayment Agreement announced on 21
March 2018 (together the “Creditors”).
Further to the announcement made on 4 October
2023 regarding a further extension with the Creditors to 30
November 2023, the Company has now concluded legal documentation.
The terms and conditions remain the same save for the following
conditions:
- An upfront extension fee of
US$300,000 in total paid to the Creditors out of the proceeds of
the recent Placing.
- Debt reduction payments to Mercuria
of an initial US$100,000 paid out of the next concentrate sale and
US$50,000 from each concentrate sale made thereafter from Baita
Plai.
- The expiry date of the share option
for Mercuria to acquire £3,250,000 worth of shares in the Company
would be extended from 30 December 2024 to 30 December 2025.
- The expiry date of the warrants
linked to the Alpha debt facility would be extended by 12 months
from 16 May 2024 to 16 May 2025.
**ENDS**
For further information, visit
www.vastplc.com or please contact:
Vast
Resources plcAndrew Prelea (CEO)Andrew Hall (CCO) |
www.vastplc.com+44 (0) 20 7846 0974 |
Beaumont
Cornish – Financial & Nominated AdvisorRoland
CornishJames 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 LimitedSusie Geliher |
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.
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. Processing of stockpiled ore on site is
expected to commence in mid-2022.
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