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Placing to raise £1,255,625
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
23 January 2024
Vast Resources plc
(‘Vast’ or the ‘Company’)
Placing to raise £1,255,625
Vast Resources plc, the AIM-listed mining company, announces that it has raised £1,255,625 gross through a placing (the ‘Placing’) of 1,225,000,000 ordinary shares of 0.1p in the Company (‘Ordinary Shares’) at a price of 0.1025p per Ordinary Share (the ‘Placing’). The Placing was undertaken by the Company’s joint broker, Axis Capital Markets Ltd (‘Axis’).
The net cash raised from the Placing will be used for the further development of its operating Baita Plai Mine in Romania, specifically the development of the decline to access the higher-grade ore. Following the positive ongoing drilling programme that commenced in 2023, the Company has incorporated new data into its mine plan including the acceleration of decline development which is expected to provide a significant reduction in both underground fuel consumption and underground transportation times, which will result in substantially increased productivity. In addition, this development will provide accelerated access to high grades at depth versus the current working areas, and the provide the ability to maximise the value of the concentrate by enhancing the grade.
The funds will also be used to cover nearby corporate obligations and working capital needs as well as the increased overhead in respect of the new near-term revenue generating operations in Tajikistan. Additionally, the funds raised will ensure the Company has sufficient funds available in respect of the Historic Parcel and the first shipment of the PGM concentrates as announced on 22 January 2024.
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Admission of the Placing Shares & Total Voting Rights
Application will be made to AIM for the Placing Shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM (‘Admission’) in two tranches. It is expected that Admission will become effective and dealing will commence in respect of 445,000,000 Shares on or around 30 January 2024 (the “First Admission”) and Admission will become effective and dealing will commence in respect of the issue of 780,000,000 being the balance of the Placing Shares on or around 6 February 2024 (the “Second Admission”). The Placing is conditional on Admission.