Vast Resources plc Update On Debt Funding
January 15 2024 - 8:30AM
UK Regulatory
TIDMVAST
Vast Resources plc / Ticker: VAST / Index: AIM / Sector:
Mining
15 January 2024
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").
As announced on the 6 November 2023, the totality of the debt
owed to Mercuria and Alpha was due to be repaid on or before 30
November 2023. On 4 December 2023 the Company announced it was in
discussions with the Creditors for a repayment extension beyond 30
November 2023. The Company has now concluded legal documentation
for an extension to 31 January 2024 with a further period of one
month to 29 February 2024 to effect repayment prior to the
creditors having an ability to commence any enforcement of security
so as to allow the Company to finalise ongoing repayment
initiatives as previously announced.
**ENDS**
For further information, visit www.vastplc.com or please
contact:
Vast Resources plc www.vastplc.com
Andrew Prelea (CEO) +44 (0) 20 7846 0974
Beaumont Cornish -- Financial http://www.beaumontcornish.com
& Nominated Advisor www.beaumontcornish.com
Roland Cornish +44 (0) 20 7628 3396
James Biddle
Shore Capital Stockbrokers Limited www.shorecapmarkets.co.uk
-- Joint Broker +44 (0) 20 7408 4050
Toby Gibbs / James Thomas (Corporate
Advisory)
Axis Capital Markets Limited -- www.axcap247.com
Joint Broker +44 (0) 20 3206 0320
Richard Hutchinson
St Brides Partners Limited http://www.stbridespartners.co.uk
Susie 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.
(END) Dow Jones Newswires
January 15, 2024 08:30 ET (13:30 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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