Result of General Meeting and Acquisition of remaining 20% in Baita Plai Polymetallic Mine

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

23 November 2020

Vast Resources plc
(‘Vast’ or the ‘Company’)

Result of General Meeting

Acquisition of remaining 20% in Baita Plai Polymetallic Mine
in consideration of issue of shares

Vast Resources plc, the AIM-listed mining company, announces that at the Company’s General Meeting held earlier today, the proposed resolution (the ‘Resolution’) was duly passed on a poll vote with 84.20% of the votes cast being in favour. 

Following the passing of the Resolution the acquisition of the entire share capital of AP Mining Group Limited (‘the Acquisition’) now has been completed and in consequence the Company has acquired the remaining 20% interest in Baita Plai Polymetallic Mine (‘Baita Plai’) (thus increasing its interest in Baita Plai to 100%) together with further interests in Romanian assets as listed in the letter from the Chairman to shareholders announced on 6 November 2020.  The Acquisition has been satisfied through the issue of 2,850,000,000 new ordinary shares of 0.1p in the Company (‘Ordinary Shares’) (the ‘Consideration Shares’).  Of the Consideration Shares, 1,500,001,930 have been allotted to Andrew Prelea and 225,005,790 have been allotted to Roy Tucker, both Directors of the Company, and it was announced on 9 November 2020 that Andrew Prelea and Roy Tucker have agreed subject to their remaining directors of the Company a lock-up period of 12 months in respect of the share allotments.

As outlined in the Chairman’s Letter of 6 November 2020, the Company offered shareholders the opportunity to pose questions to the Board by submitting questions in writing via email.  The Board did not receive any questions and as such the Company did not make any audio recording.

Admission of and dealings in the Consideration Shares

Application has been made to AIM for the Consideration Shares which will rank pari passu with existing Ordinary Shares to be admitted to trading on AIM (‘Admission’).  It is expected that Admission will become effective and dealing will commence in respect of the issue of the Consideration Shares on or around 25 November 2020.  Following the Admission, the total issued share capital of the Company will be 17,304,569,200.  This figure 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 Rules.